According to the statement, the Joint Ministerial Monitoring Committee (JMMC) agreed to continue closely monitoring oil market conditions and developments with a view to improve market stability for the benefit of producers, consumers and the global economy at large.
"The committee reaffirmed its intent to strive to achieve an overall conformity level of no less than 100 percent. Furthermore, the JMMC decided to hold monthly meetings, either physically or by teleconference, with the objective of more closely monitoring the market and recommending appropriate response measures," OPEC stated.
The JMMC was established following OPEC's 171st ministerial conference decision of Nov. 30, 2016, and the subsequent Declaration of Cooperation made at the joint OPEC and participating Non-OPEC Producing Countries' Ministerial Meeting held on Dec. 10, 2016.
Through the Declaration, 11 (now 10) non-OPEC oil producing countries and OPEC's 13 (now 15) member countries decided on voluntary production adjustments of around 1.8 million barrels per day as part of efforts to accelerate the stabilization of the global oil market.