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8 Declaration of Cooperation

• Pledge to fulfil their full commitment under this

Declaration of

Cooperation

, individually and collectively;

• To

strengthen

their cooperation through a dynamic and transparent

framework, including regular monitoring, joint analyses and outlooks

for a

sustainable market stability

in the medium- to long-term, for

the benefit of producers and consumers;

• To support the extension of the mandate of the Joint Ministerial

Monitoring Committee (JMMC) composed of

Algeria, Kuwait,

Venezuela, Saudi Arabia

and two participating non-OPEC countries

of the

Russian Federation

and

Oman

, chaired by

Saudi Arabia

,

co-chaired by the

Russian Federation

, and assisted by the Joint

Technical Committee at the OPEC Secretariat, to closely review the

status of and conformity with the Declaration of Cooperation and re-

port to the OPEC – non OPEC Conference;

• To ensure

continuity

and

proactive cooperation

through established

regular meetings

at

technical

and

ministerial

levels.

The foregoing record represents the understanding reached be-

tween

OPEC and the Heads of Delegation of Azerbaijan, Kingdom

of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico,

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

Republic of South Sudan

upon the matters referred to therein.