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7

OPEC bulletin 5–7/17

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

in order to avoid price spikes and other risks to global

energy security — is critical.

The other key objectives for the OPEC Conference

“include strengthening cooperation between OPEC and

non-OPEC producers, and fostering excellent relations

with international energy institutions to promote greater

understanding of vital issues.”

An extension of the decision

In line with the decision taken at the 171

st

Meeting of

the OPEC Conference, as well as with the ‘Declaration

of Cooperation’ between OPEC and non-OPEC produc-

ers on December 10, 2016, and based on analytical

reports presented by the OPEC Secretariat, OPEC dele-

gates from all 13 Member Countries decided to extend

the original production adjustment of 1.2m b/d for a

further period of nine months. This was to take effect

on July 1, 2017.

Through this decision, Member Countries not only

displayed unity once again, but also confirmed their

commitment to strive for a stable and balanced oil mar-

ket. The objective of achieving price levels that are suit-

able for both producers and consumers, and for the

sake of the industry and the global economy, continues

to be the overarching goal of OPEC Member Countries.

At various times during the meeting, OPEC delegates

expressed thanks to other Member Countries for their

shared commitment and cooperative spirit, particularly

as it was reflected in the most recent conformity lev-

els to the decision taken at the 171

st

OPEC Ministerial

Conference. These conformity levels, which approached

100 per cent, were seen as unprecedented and were

interpreted as robust, thus providing encouragement to

continue efforts.

Delegates also acknowledged the crucial role

played by participating non-OPEC producers through

the ‘Declaration of Cooperation’. They welcomed the

Pascal Houangni Ambouroue, Minister of Petroleum and Hydrocarbons, Gabon.

Eng Bijan Namdar Zanganeh, Minister of Petroleum, IR Iran.