OPEC's Joint Ministerial Monitoring Committee (JMMC) today met to review compliance under the OPEC/Non-OPEC production cut agreement and not surprisingly found compliance in the month of April at 102 percent. More importantly, the JMMC reviewed market conditions and made a recommendation to Ministers to extend the agreement for a longer 9-month period. OPEC's statement today:
"The Committee also took note of the fact that the duration of the anticipated extension should be longer than the originally stated period in the Declaration of Cooperation of six months. The JMMC then considered several scenarios presented by the JTC regarding the extension of the Declaration of Cooperation and decided to recommend that the production adjustments of the participating countries be extended for nine months commencing 1 July 2017.e
The full OPEC Committee statement is below.
