Flexible approach critical for balanced oil market

Critical uncertainties in trade negotiations, monetary policy developments and geopolitical challenges remain despite global oil markets achieving more balance.
During its 14th meeting, OPEC’s Joint Ministerial Monitoring Committee observed that since January 2019, average conformity reached 120%. The committee noted that an agile and flexible approach has been critical to the success of the production declaration of cooperation and will be key going forward. Since the declaration was signed in December 2016, the participating countries have been able to adapt depending on market conditions.
The committee recognises that critical uncertainties remain, including ongoing trade negotiations, monetary policy developments and geopolitical challenges. As a result, the Joint Technical Committee and OPEC Secretariat will continue to monitor and analyse oil market developments, particularly oil inventory projections in the coming weeks.