The Organisation of Petroleum Exporting Countries (OPEC) and its allies in the Declaration of Cooperation, called OPEC+, has set June 22 as deadline for non-compliant member on the oil output cut to submit their compensation plans.
The group disclosed this in a statement issued after the 19th Joint Ministerial Monitoring Committee (JMMC), held via video conference, in Vienna, on Thursday.
Nigeria was listed among countries yet to fully comply with the first phase of agreed production output cuts.
The group said that the attainment of 100 per cent conformity from all participating countries was not only fair and equitable, but vital for the ongoing and timely rebalancing efforts and help in delivering sustainable oil market stability.
The statement reads: “The Committee would like to thank those participants, namely Iraq and Kazakhstan, which have already submitted their compensation schedules.
”It agreed to give other under-performing participants, which have not yet submitted final plans, until next Monday, June 22, to submit their schedules for compensation to the OPEC Secretariat.
“Furthermore, the Committee mandated the Secretariat to reach out to all the underperforming Participating Countries to submit their schedules for compensation by the above mentioned date.
“The Committee stated their appreciation of additional voluntary contributions totaling 1.2 million barrels per day made by Saudi Arabia, the UAE, Kuwait and Oman in the month of June.
“The Committee thanked the Joint Technical Committee (JTC) and the OPEC Secretariat for its ongoing work. The JTC and the JMMC will continue their monthly meetings, with the next ones scheduled for 14 July and 15 July, respectively.” it said.
The Committee took note of the overall conformity of 87 per cent for the month of May 2020, while it also observed individual country conformity levels.
It reiterated the critical importance that all participating countries achieved their 100 per cent level, and make up for any monthly shortfalls in the months of July, August and September.
Earlier,in his address to the JMMC, Secretary General of OPEC, Dr Mohammed Barkindo, disclosed that it was vital that the committee looked to lay out possible pathways for the coming months and the remainder of 2020 and into 2021.
He said that it would aid all ministers in their future decision making processes, and enable the DoC partners to remain proactive to help further rebalance fundamentals and try and reduce volatility in the oil market.
“We need to be calm, but resolute; patient, but persistent. From the perspective of the OPEC Secretariat, let me stress that we will continue our outreach to other producers beyond the DoC, as well as to consumers.