OPEC and participating non-OPEC countries have achieved an average monthly production cut conformity of 107% in the first year of the cuts.
At the OPEC/non-OPEC joint ministerial monitoring committee meeting in Muscat, members considered the joint technical committee report that showed 129% conformity level for December 2017.
The committee agreed that, across a broad range of indicators, the first year of the declaration of cooperation, which involved 14 countries curbing their total oil production outputs, the first year had been a great success.
Conformity levels have increased on a monthly basis from 87% in January 2017.
In a statement, OPEC says: 'Once more, the unwavering resolve of participating countries to rebalance the market has been amply demonstrated.'
The committee expressed satisfaction with the overall results and urged all participating countries to continue and, to the extent possible, intensify their collective and individual efforts, in the interests of bringing stability to the oil market.
Recent data has confirmed that global oil demand growth will continue on a positive trajectory in 2018, buoyed by the strong performance of the global economy.
'This stellar performance by participating countries in 2017 launches the new year on an extremely positive footing, preparing the path for further successes in 2018,' the statement says.
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