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19

OPEC bulletin 5–7/17

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

T

he oil market has seen some interesting devel-

opments in the approximately six months since

historic and landmark decisions were reached by

OPEC’s 13 Member Countries and ten participating non-

OPEC oil-producing countries. All 24 countries were sig-

natories of the joint ‘Declaration of Cooperation’, which

resulted from the 1

st

Ministerial Meeting of OPEC and non-

OPEC producers on December 10, 2016, and all of them

met once again on May 25, 2017, at the OPECSecretariat

headquarters, after the conclusion of the 172

nd

Meeting

of the OPEC Conference, to consider recent market devel-

opments and discuss the possibility of extending the

original decision.

At the plenary session, delegates to this 2

nd

OPEC

and non-OPEC Producing Countries’ Ministerial Meeting

first recalled the November 30, 2016, decision by OPEC

Member Countries to implement a 1.2m b/d production

adjustment effective January 1, 2017, for a six-month

period, and then reviewed the subsequent decision of

participating non-OPEC producers, who joined OPEC in

the ‘Declaration of Cooperation’ to implement a produc-

tion adjustment of nearly 600,000 b/d on December 10,

2016, for the same period.

Important for stability

In his opening address to the plenary, Conference

President Al-Falih said the joint ‘Declaration of

Cooperation’ had “played an important role in mov-

ing the market toward stability.” He added that “in

the absence of the [decision], the markets would have

remained aimless.”

The plenary noted that the 14 OPEC Member

Countries — the Organization’s 13 Member Countries in

The late Natiq Aliyev,

former Minister of

Industry and Energy,

Azerbaijan (see

obituary on p117).

Shaikh Mohamed

Al-Khalifa, Minister

of Oil, Bahrain.

Pehin Datu

Singamanteri

Colonel (B) Dato Seri

Setia (Dr) Awang Haji

Mohammad Yasmin

Bin Haji Umar,

Minister of Energy

and Industry at the

Prime Minister’s

Office, EIDPMO,

Brunei Darussalam.