Azerbaijan among over-conforming non-OPEC countries
In this regard, he urged participating countries to achieve 100 percent conformity without further delay.
“Had every participating country conformed fully since the beginning of the Declaration of Cooperation, the market would have already rebalanced,” said OPEC secretary general.
There should be no doubt that the production adjustments that were extended in May 2017 will remain vital to the market rebalancing process in the coming months, he added.
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.