The OPEC and the non-OPEC countries, otherwise known together as the OPEC+, stated on Sunday the compliance with the output cut agreement stood at "a record-breaking conformity level of 129%" for December 2017, according to the organization's official statement. The OPEC+ added that the monthly average conformity level for the whole of 2017 was also at "a remarkable" 107%.
Saudi Arabia's Oil Minister Khalid A. Al-Falih confirmed the figures during the press conference that followed the data release, stressing that the participating countries agreed to continue cooperation beyond 2018. "We haven't agreed on a mechanism, but almost all states are determined to continue cooperation after 2018," the minister noted. Meanwhile, Russian Minister Alexander Novak also stated that all parties continue to stay committed to the deal.
The OPEC and other major oil producers led by Russia agreed to implement an output cut of up to 1.8 million barrels per day in order to stabilize the crude market and battle the oversupply of oil that has been prevailing for three years. The parties agreed to continue with production caps throughout 2018. The next OPEC+ meeting is set for April 2018.
