The Organisation of Petroleum Exporting Countries, OPEC, has put the conformity level of OPEC and non-OPEC members at 107 per cent, thus raising hope for market stability.
Meanwhile, the price of Nigeria’s Bonny Light remains stable at $40.57 per barrel, thus indicating that the market has not yet responded to the outcome of a just concluded OPEC Committee meeting.
In a statement obtained by Vanguard at the end of its 20th Joint Ministerial Monitoring Committee (JMMC), meeting, OPEC, stated: “The Committee reviewed the crude oil production data for the month of June 2020 and welcomed the significant performance in the overall conformity level for participating OPEC and non-OPEC Countries at 107 per cent in June 2020, an achievement that found wide recognition in the market.
“The Committee reviewed the crude oil production data for the month of June 2020 and welcomed the significant performance in the overall conformity level for participating OPEC and non-OPEC Countries at 107 per cent in June 2020, an achievement that found wide recognition in the market.
“The Committee noted that removing the credit for over-conformity results in a conformity level of 95% in June 2020.”
