# OPEC Reiterates Importance of Attaining Full Conformity for Market Stability - Petroleum AfricaPetroleum Africa

> The 21st Joint Ministerial Monitoring Committee met by videoconference on August 19 and reviewed July production data and the monthly technical report. It reiterated that full conformity with the Declaration of Cooperation is needed for market stability.

- Date: 2020-08-20 · published 2020-08-20T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/51535-opec-reiterates-importance-of-attaining-full-conformity-for-market-stability
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A firm commitment to conformity supports crude prices, but the statement itself adds little new supply action beyond what was already agreed.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-06-05 | [OPEC Achieves Consensus on Production Levels for Market Stability at 35th Ministerial Meeting - African Energy Chamber](https://feedsoft.ai/events/35403-opec-achieves-consensus-on-production-levels-for-market-stability-at-35th.md) | -1.7% | -1.8% |
| BRENT | 2017-04-19 | [OPEC chief says producers seek market stability](https://feedsoft.ai/events/71419-opec-chief-says-producers-seek-market-stability.md) | -5.6% | -4.3% |
| BRENT | 2020-11-01 | [Oil Spikes After OPEC Claims ''The Worst Is Over For The Oil Market''](https://feedsoft.ai/events/50804-oil-spikes-after-opec-claims-the-worst-is-over-for-the-oil-market.md) | +5.1% | +28.8% |
| BRENT | 2024-12-05 | [OPEC+ holds its 38th Ministerial Meeting and thanks the Kingdom for its exceptional leadership and unwavering commitment to global oil market stability](https://feedsoft.ai/events/26870-opec-holds-its-38th-ministerial-meeting-and-thanks-the-kingdom-for-its.md) | +0.6% | +4.3% |
| BRENT | 2021-01-06 | [Fitch assesses OPEC + decision for oil market \| Report.az](https://feedsoft.ai/events/49059-fitch-assesses-opec-decision-for-oil-market-report-az.md) | +5.4% | +7.8% |
| WTI | 2023-06-05 | [OPEC Achieves Consensus on Production Levels for Market Stability at 35th Ministerial Meeting - African Energy Chamber](https://feedsoft.ai/events/35403-opec-achieves-consensus-on-production-levels-for-market-stability-at-35th.md) | -2.2% | -2.8% |
| WTI | 2017-04-19 | [OPEC chief says producers seek market stability](https://feedsoft.ai/events/71419-opec-chief-says-producers-seek-market-stability.md) | -5.9% | -7.2% |
| WTI | 2020-11-01 | [Oil Spikes After OPEC Claims ''The Worst Is Over For The Oil Market''](https://feedsoft.ai/events/50804-oil-spikes-after-opec-claims-the-worst-is-over-for-the-oil-market.md) | +3.7% | +26.8% |

## Sources

- petroleumafrica.com: https://www.petroleumafrica.com/opec-reiterates-importance-of-attaining-full-conformity-for-market-stability/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.