OPEC intends to invite Libya, Nigeria to next JMMC meeting

OPEC intends to invite Libya and Nigeria to the next meeting of the Joint OPEC-Non-OPEC Technical Committee (JTC) or the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC), said the message posted on the cartel’s website. The next JMMC Meeting is scheduled to be held in Vienna, on 22 September 2017.

“The JMMC will continue to monitor other factors in the oil market and their influence on the ongoing market rebalancing process. All options, including the possible extension of the Declaration of Cooperation beyond Q118, are left open to ensure that all efforts are made to rebalance the market for the benefit of all,” said the message.

The JMMC was established following OPEC’s 171st Ministerial Conference Decision of 30 November 2016, and the subsequent Declaration of Cooperation made at the joint OPEC-Non-OPEC Producing Countries’ Ministerial Meeting held on 10 December 2016 at which 11 (now 10) non-OPEC oil producing countries cooperated with the 13 (now 14) OPEC Member Countries in a concerted effort to accelerate the stabilization of the global oil market through voluntary adjustments in total production of around 1.8 million barrels per day.

The resulting Declaration, which came into effect on 1 January 2017, was for six months.

The second joint OPEC-Non-OPEC Producing Countries’ Ministerial Meeting, held on 25 May 2017, decided to extend the voluntary production adjustments for another nine months commencing 1 July 2017.

Libya and Nigeria were both exempted from the OPEC oil output cut deal.