The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) Concluded Its Inaugural Meeting

According to an OPEC press release --- On January 22, 2017 The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) concluded its inaugural meeting at the OPEC Secretariat in Vienna, Austria. The JMMC was established following OPEC's 171st Ministerial Conference Decision of November 30, 2016 and the subsequent Declaration of Cooperation made at the Joint OPEC-non-OPEC ministerial meeting held on December 10, 2016. At the December meeting, 11 non-OPEC oil producers cooperated with the 13 OPEC Member Countries in a concerted effort to accelerate the rebalancing of the global oil market through an adjustment in combined production of 1.8 million barrels per day. The resulting Declaration, which came into effect on January 1, 2017, is for six months, and is extendable for an additional six months pending the status of supply and demand, as well as global inventories. To get more information on the joint OPEC-non-OPEC Ministerial Monitoring Committee (JMMC) concluding its inaugural meeting click on the picture below to read the article.