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8

OPEC bulletin 5–7/17

1 7 2

n d

M e e t i n g o f t h e C o n f e r e n c e

constructive and positive dialogue that had emerged,

and praised the technical interactions that have evolved

among experts from all participating countries. In fact,

at the conclusion of the 172

nd

Conference, the request

of one formerly non-OPEC producing country to join the

Organization was formally accepted, with immediate

effect — thus making Equatorial Guinea OPEC’s 14

th

Member Country.

The Conference President also praised OPEC’s “firm

and unwavering resolve”, along with that of participat-

ing non-OPEC producing countries, extolling the virtues

of “the extensive process of consultations and discus-

sions involving all … OPEC Member Countries and the

participating non-OPEC producing countries.”

The work of the JMMC

Attendees at the OPEC Conference also considered a

report and numerous recommendations made by the

Joint Ministerial Monitoring Committee (JMMC), which

was set up last year to monitor conformity to the volun-

tary production adjustments decided upon by OPEC and

participating non-OPEC oil producers at the meeting on

December 10. The work of the JMMC, which is supported

by a Joint Technical Committee (JTC), remains ongoing,

and will be particularly important to the work of the

Organization — and other non-OPEC producers — espe-

cially in the coming months.

Given the need to continue studying market condi-

tions and the evolution of supply and demand factors

worldwide, delegates to the Conference asked the JMMC

— and more specifically, the JTC — to continue its impor-

tant work during the period of the nine-month extension.

During their first period of the production adjustment, the

JMMC and JTC had made valuable contributions which

had provided the technical input and the transparency

needed to implement the adjustment decisions in a

timely manner.

C o n f e r e n c e N o t e s

Jabbar Ali Hussein Al-Luiebi, Minister of Oil, Iraq.

Issam A. Almarzooq, Minister of Oil, Minister of Electricity and Water, Kuwait.