OPEC bulletin 5–7/17
C o n f e r e n c e N o t e s
had been created as a result of the December meeting.
The JMMC and JTC continuously examined oil market
data and production levels, and in so doing, “informed,
guided and enhanced the work” of the signatories, said
the Conference President.
A day earlier, on May 24, the JMMC had convened
in Vienna for its third meeting. Basing its deliberations
Report of the Joint OPEC/non-OPEC Technical
Committee (JTC) for the month of April 2017,
gates stated that participating producing countries had
shown “steady and convincing progress” towards full
conformity with their respective adjustments in produc-
tion, and recommended the nine-month extension.
In the course of the meeting, delegates also
expressed gratitude for the contributions of Issam A
Almarzooq of Kuwait, Chair of the JMMC, and Alexander
Novak of the Russian Federation, who served as its
co-chair. The two Ministers will continue to serve in their
respective roles following the decision to extend theman-
date of the JMMC and the JTC. Over the months since the
December decision, both bodies have provided valuable
support and input, and have ensured the transparency
required for the timely implementation of the decisions
taken last year.
Monitoring bodies continue their work
The JMMC stated that it would continue monitoring con-
formity levels, as well as market conditions, and would
leave the possibility open to recommend, if necessary,
further adjustment actions. Its next meeting will be held
in the Russian Federation in July.
The JTC, with ongoing support from the OPEC
Secretariat, will continue to provide monthly tech-
nical assistance to the bodies of the ‘Declaration of
Cooperation’ — reaffirming the overall commitment of
OPEC and participating non-OPEC countries to the pro-
cess of cooperation.
At the conclusion of the 2
Ministerial Meeting, the
Parties agreed to continue regularly reviewing the sta-
tus of their cooperation at the technical and ministerial
levels. They also further agreed to continue strength-
ening their cooperation by, for example, facilitating the
exchange of joint analyses and outlooks — with the
overall aim of ensuring a sustainable oil market for the
benefit of producers, consumers, the industry and the
As the President of the Conference said at the start
of the 2nd OPEC and non-OPEC Producing Countries’
Ministerial Meeting, all Parties are “determined to
deepen the institutionalization of the framework for coop-
eration between OPEC and non-OPEC countries.” This can
help to improve the future adaptation of producing coun-
tries to market cycles, he said.
“The oil industry is cyclical by nature,” he added. “But
with regular interactions at both the policy and technical
levels, and by working together toward common goals,
we can help promote healthy markets.”
Salim Al Aufi,
the Ministry of Oil
and Gas, Oman.
Minister of Energy,