The Organisation of Petroleum Exporting Countries (OPEC) has revealed that its members had achieved 101 per cent adherence to crude oil output cut mandatorily agreed upon last year to curb huge supply glut.

This was disclosed during a virtual meeting of the Joint Ministerial Monitoring Committee (JMMC), in Vienna under the chairmanship of Prince Abdulaziz bin Salman.

The committee emphasised the ongoing positive contributions of the Declaration of Cooperation (DoC) in supporting a rebalancing of the global oil market in line with the historic decisions taken at the 10th (extraordinary) OPEC and non-OPEC Ministerial Meeting on 12, April 2020.

“Overall conformity with the original production adjustments was 101 per cent, reinforcing the trend of high compliance by participating countries.
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