Fluctuations in oil prices do not serve producers and consumers alike, stated Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy and Industry and President of the OPEC Conference, while addressing the 9th meeting of the Joint Ministerial Monitoring Committee, JMMC, in Vienna on Saturday.

"Our goal is to rebalance the world oil market by striking a balance between demand and supply," he said.

He further added the UAE has been committed to production cut under the "Declaration of Cooperation" with a conformity of 109 percent in May, while compliance of OPEC and non-OPEC participants collectively reached nearly 147 percent for the same month.

The JMMC discussed an array of proposed scenarios for output increase to fill any potential shortage in supplies as a result of a surge in demand. This step, the committee asserted, will ease concerns of major consumers in this respect.

The JMMC was established following OPEC’s 171st Ministerial Conference Decision of 30th November, 2016, and the subsequent "Declaration of Cooperation" made at the joint OPEC/non-OPEC Producing Countries’ Ministerial Meeting held on 10th December, 2016.

Through the declaration, 11 (now 10) non-OPEC oil-producing countries and OPEC’s 13 (now 14) member countries decided on voluntary production adjustments of around 1.8 million barrels per day as part of efforts to accelerate the stabilisation of the global oil market. 

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