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6 Declaration of Cooperation

Mexico, Sultanate of Oman, the Russian Federation, Republic of

Sudan,

and

Republic of South Sudan

(participating non-OPEC pro-

ducing countries in the

Declaration of Cooperation

), in their desire to

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

ers, proposed to voluntarily adjust their oil production by

558 thousand

barrels a day

(tb/d)

, effective from

1 January 2017 for six (6) months

,

which took into account prevailing market conditions and prospects;

Recalling

that OPEC and the participating non-OPEC producing coun-

tries on

25 May 2017

amended the

Declaration of Cooperation

to ex-

tend for a further

nine (9) months

commencing on

1 July 2017

;

Noting

that OPEC Member Countries at the

173

rd

Meeting of the

Conference

considered that the current supply and demand fundamen-

tals and its immediate prospects called for a further amendment to the

Declaration of Cooperation

of 25 May 2017 in order to fulfil the objec-

tive of rebalancing the market, despite the market improvement so far;

Noting

that OPEC

Member Countries

, in agreeing to their above refer-

enced decision, confirmed their commitment to a stable and balanced

oil market and underscored the importance of the

broader participa-

tion

of other

oil producing countries

in the market balancing efforts;

Noting

that OPEC and the participating non-OPEC producing countries

considered the six (6) reports and the recommendations of the

Joint

Ministerial Monitoring Committee

(JMMC), which considered several

scenarios presented by the

Joint Technical Committee

(JTC) regarding

the extension of the

Declaration of Cooperation

;

Noting

that OPEC and participating non-OPEC countries accepted

the recommendation of the

JMMC

, composed of

Algeria, Kuwait,

Venezuela, Saudi Arabia

and two participating non-OPEC countries –

the

Russian Federation

and Oman – chaired by Kuwait, and co-chaired

by the Russian Federation, and decided that the JMMC should continue

monitoring conformity levels, as well as market conditions and its imme-

diate prospects, and recommend further actions, if deemed necessary;