TheCable

Mohammed Barkindo, the secretary-general of the Organisation of Petroleum Exporting Countries (OPEC) says the historic oil cut deal reached in 2016 has attained a 94 percent compliance level.

This is an improvement from 86 percent recorded earlier in the year, Barkindo told his audience at the third Iraq Energy Forum in Iraq.

“The focus now is on the implementation of these production adjustment decisions, which are being analyzed and monitored through a Joint Ministerial Monitoring Committee (JMMC) and a supporting Joint Technical sub-Committee,” Barkindo said.

“These are vital for the openness and transparency required to implement these decisions in a full and timely manner. To date, conformity with the decisions by all participating countries has been very encouraging.

“For January 2017, OPEC and non-OPEC nations achieved a conformity level of 86 per cent.  And in February, the overall conformity improved further to 94 per cent.”

He however emphasised the need for improvement, stating that there is a need to attain 100 percent compliance.

“However, there is still room for further improvement.  Each participating nation needs to look at their individual voluntary contribution, and remember that the decisions taken last year were on the basis of fairness, equity and transparency.

“In this, I am confident that all countries remain steadfast in honouring their commitments to individually achieve the 100 per cent level. This is our firm goal.  We cannot seek anything less.

“This commitment is vital to ensure we keep on the right path to a stable, balanced market, which contribute to improved outlooks for both the short- and long-term”.