OPEC deal compliance hits record high in Sept

OPEC and its non-member partners achieved a record-high conformity level to their voluntary production adjustments, reaching 120 percent in September, the joint ministerial committee (JMMC) responsible for monitoring the agreement said on Saturday.

The committee also expressed confidence that the oil market is moving in the right direction. “Indicative of these positive developments are the recent upward revisions for global oil demand growth in both 2017 and 2018,” JMMC said.

The 14 OPEC members and 10 other major producers had agreed in December to reduce 1.8 million barrels per day of their total production, starting January 1.

The deal was initially set for six months, and was extended for another nine in June.

“The JMMC will continue to monitor other factors in the oil market and their influence on the ongoing market rebalancing process. All options are left open to ensure that every effort is made to rebalance the market for the benefit of all,” the statement said.

The next JMMC Meeting is scheduled to be held in Vienna, on November 29.