OPEC and its non-OPEC members of an output cut pact will keep all options open to achieve market rebalancing even as producers achieved the highest level of compliance to agreed production.
The joint ministerial committee responsible for monitoring the agreement, known as JMMC, said on Saturday that producing countries achieved a record-high conformity level on their voluntary production adjustments at 120 per cent in September, according to a statement on the website of the Organization of Petroleum Exporting Countries.
The committee said that while some countries have consistently performed beyond their voluntary production, others have yet to achieve full compliance. It did not give further details.
OPEC’s statement said that while commercial oil stocks in the OECD fell further in September, down 178 million barrels since the beginning of the year, but another 159 million barrels remain above the target of achieving the five-year-average.
“The JMMC will continue to monitor other factors in the oil market and their influence on the ongoing market rebalancing process,” it said. “All options are left open to ensure that every effort is made to rebalance the market for the benefit of all.”
The 24 oil-producing nations that agreed in December to cut 1.8 million barrels a day of their production, initially for a six-month period, have already extended their deal once -- by nine months until the end of March 2018 -- in an effort to lower crude inventories.
OPEC and its allies are scheduled to meet in Vienna on November 30, while JMMC said in the statement its next meeting is scheduled for the preceding day.