VIENNA, Aug. 30 (Xinhua) -- There is progress toward reaching the oil output target seen in July, OPEC's Joint Ministerial Monitoring Committee reported on Thursday.
The Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) and its allies noted that the oil producers jointly achieved a conformity level of 109 percent of the oil cut decision set on June 23 in Vienna.
The press release said this shows "significant progress towards the goal set at the fourth OPEC and Non-OPEC Ministerial Meeting of June 23, 2018."
In the June meeting, OPEC and non-OPEC oil producers including Russia decided to stick to 100 percent conformity of the oil production cap set in the meeting in 2016, in which the agreement to cut oil output by a total of 1.8 million barrels per day was reached.
