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Declaration of Cooperation 3

The desire of

Azerbaijan, the Kingdomof Bahrain, Brunei Darussalam,

Equatorial Guinea, Kazakhstan, Malaysia, Mexico, the Sultanate

of Oman, the Russian Federation, the Republic of Sudan,

and

the

Republic of South Sudan

, as well as other non-OPEC producers, to

achieve oil market stability in the interest of all oil producers and con-

sumers was recognized. In this regard, the aforementioned countries

proposed to adjust their oil production, voluntarily or through managed

decline,

starting from 1 January 2017 for six (6) months

, extendable

for another six (6) months, to take into account prevailing market condi-

tions and prospects.

Azerbaijan, the Kingdom of Bahrain, Brunei Darussalam, Equatorial

Guinea, Kazakhstan, Malaysia, Mexico, the Sultanate of Oman, the

Russian Federation, the Republic of Sudan, and the Republic of South

Sudan committed to adjust their respective oil production, voluntarily or

through managed decline, in accordance with an accelerated schedule.

The combined reduction adjustment was agreed at

558,000 barrels a

day

for the aforementioned producers.

It was decided that two participating non-OPEC countries,

the Sultanate

of Oman

and

the Russian Federation

, alongside three OPEC Members,

Algeria, Kuwait

and

Venezuela

, shall comprise a Joint Ministerial

Monitoring Committee (JMMC). The JMMC shall be chaired by Kuwait

with the Russian Federation as alternate chair and assisted by the

OPEC Secretariat. The

Kingdom of Saudi Arabia

, holder of the OPEC

Conference Presidency in 2017, would also attend the JMMC meetings.

Countries participating in the

Declaration of Cooperation

decided to

strengthen their cooperation, including through joint analyses and out-

looks, with a view to ensuring a sustainable oil market, for the benefit of

producers and consumers and to regularly review at the technical and

ministerial levels the status of their cooperation.

The Meeting recalled the rights of peoples and nations to permanent

sovereignty over their natural wealth and resources.