Newsletter 
  INSCRIPTION Inscription | ESPACE ANNONCEURS Publicité | CONTACT Contact |PLAN DU SITE Plan


Europétrole, le portail de l'industrie du pétrole
 
 accueil | actualité française | actualité internationale | recherche | interviews | focus | actualité par entreprise | actualité pétrole/gaz de schiste 
Partager :

  • Market rebalancing, full commitment to conformity remains the focus – JMMC
    édité le 19/06/2020 - Plus de news de "OPEC" - Voir la fiche entreprise de "OPEC"


Market rebalancing, full commitment to conformity remains the focus – JMMC
The 19th Joint Ministerial Monitoring Committee (JMMC) was held via videoconference, on Thursday, 18 June 2020, under the Chairmanship of HRH Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy, and co-Chair HE Alexander Novak, Minister of Energy of the Russian Federation.

The Committee reviewed the monthly report prepared by the Joint Technical Committee (JTC) and recent developments in the global oil market, as well as immediate prospects for the remainder of 2020 and into 2021.

The JMMC reiterated the critical role that the ‘Declaration of Cooperation’ (DoC) continues to play in supporting oil market stability and economic recovery, in the face of the COVID- 19 pandemic shock and the subsequent severe global economic downturn. In this regard, it recalled the historic decision taken by all Participating Countries in the DoC at the 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting on 12 April 2020 to adjust downwards overall crude oil production, and the decisions taken at the recent 179th Meeting of the OPEC Conference and the 11th OPEC and non-OPEC Ministerial Meeting on 6 June 2020. This included extending the first phase of the production adjustments by a further month, now till 31 July 2020, and subscribing to the concept of compensation by those countries who were unable to reach full conformity (100%) in May and June, to accommodate the underperformed volumes in July, August and September, in addition to their already agreed production adjustment for such months.

The Committee took note of the overall conformity of 87% for the month of May 2020. It also observed individual country conformity levels and reiterated the critical importance that all Participating Countries achieve their 100% level, and make up for any monthly shortfalls in the months of July, August and September. It welcomed the expressed commitments from those countries below the 100% May conformity level and specific compensation plans highlighting how this will be accommodated, and delivered, between July and September.

The Committee emphasized the critical importance of adhering to full conformity, and compensating the overproduced volumes in the months of May and June, during the months of July, August and September 2020, in accordance with the Statement of the 11th OPEC and non-OPEC Ministerial Meeting of the DoC (6 June 2020), in particular with reference to the five elements agreed.

The Committee would like to thank those participants, namely Iraq and Kazakhstan, which have already submitted their compensation schedules, and agreed to give other underperforming participants, which have not yet submitted final plans, until next Monday 22 June 2020 to submit their schedules for compensation to the OPEC Secretariat.

Furthermore, the Committee mandated the Secretariat to reach out to all the underperforming Participating Countries to submit their schedules for compensation by the above mentioned date.

The Committee stressed that the attainment of 100% conformity from all Participating Countries is not only fair and equitable, but vital for the ongoing and timely rebalancing efforts and helping deliver a sustainable oil market stability.

The Committee stated their appreciation of additional voluntary contributions totaling 1.2 mb/d made by Saudi Arabia, the UAE, Kuwait and Oman in the month of June 2020.

The Committee thanked the JTC and the OPEC Secretariat for its ongoing work. The JTC and the JMMC will continue their monthly meetings, with the next ones scheduled for 14 July and 15 July, respectively.

About OPEC

In accordance with its Statute, the mission of the Organization of the Petroleum Exporting Countries (OPEC) is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers a fair return on capital for those investing in the petroleum industry.


Origine : Communiqué OPEC

Voir la fiche entreprise de "OPEC"



Les dernières news de "OPEC"



Toutes les news de "OPEC"
 
 
 
Emploi-Pétrole
 
Rechercher une news



française internationale








 
Les dernières news internationales


>> Toute l'actualité internationale     >> RSS
 
Recherche de news par tags

abu-dhabi acquisition adnoc aker-bp aker-solutions algeria algerie algerie alstom amec anadarko angola apache australia axens azerbaijan baker-hughes barents-sea bechtel bg-group bp brazil canada carburant cbi cgg chevron china chiyoda cnooc cnpc co2 commission-europeenne compressor conocophillips consommation cpdp deepwater discovery drilling e-on edf egypt emerson engineering eni equinor equinor exxonmobil feed flng flowline fluor fluxys fmc foster-wheeler fpso fsru fugro gabon gas gaz gazprom gazprom-neft gdf-suez ge germany ghana gnl gtt gulf-of-mexico hess india indonesia inpex iraq italy jacobs jgc kbr keppel licence lng lukoil lundin maersk-drilling malaysia mcdermott methanier mozambique natural-gas nigeria nigeria nord-stream north-sea norway novatek offshore oman omv opec pemex petrobras petrofac petronas pgnig pipeline platform qatar qatar-petroleum qatargas raffinerie refinery repsol rig riser rosneft russia rwe saipem santos saudi-aramco schlumberger senegal shale-gas shell socar sonatrach south-stream statoil subsea subsea-7 survey tap technip technipfmc texas total transocean tullow turbine ufip uk us vallourec vopak well wintershall wood-group woodside



Europétrole © 2003 - 2021