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11

OPEC bulletin 8–9/17

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

“The implementation of the ‘Declaration of

Cooperation’ for the first six months of 2017 saw con-

formity levels unprecedented in the history of OPEC.

This is a convincing demonstration of the willingness of

all participating countries to continue their cooperation

until the set goal of returning the stock overhang to the

five-year average is achieved.”

The Chairman also gave special recognition to those

participating nations that performed beyond what was

expected of them.

“It should be acknowledged that some producing

countries have over-performed, and they certainly merit

recognition for their dedicated efforts. Without their

exemplary performance, we certainly would not have

seen such high conformity levels. Therefore, allow me

to offer my deep appreciation to all those countries for

conforming beyond expectation. I hope their excellent

performance will motivate other producing countries to

reach their own goals — and perhaps to even surpass

them.”

He then underlined the importance of staying firmly

committed to achieving the common goal of full imple-

mentation of the ‘Declaration of Cooperation’.

“I think now is an opportune moment to remind all of

us, individually and collectively, to remain focused and

not lose sight of our aspirations. Despite the progress

achieved, I would like to warn against complacency and

stress the absolute paramount importance of staying the

course and striving to achieve better levels of conformity

over the next nine months.”

After providing an overview of the current develop-

ments in the global oil market, he stressed the need to

remain patient as the complexities of the rebalancing

process take time.

“I would like to emphasize the need for patience

and perseverance. As the old saying goes, ‘Rome wasn’t

built in a day’. The extension of the ‘Declaration of

Cooperation’ is for ninemonths and it began to take effect

on July 1.

“Today is the July 24. There are a total of 274 days

in these nine months, therefore, we have not even seen

nine per cent of that time elapse. We need to redouble

and focus our efforts as we have 91 per cent of the course

still to see out!”

He then alluded to the bright future ahead for the

global oil market and economy when these unprece-

dented cooperative efforts meet with success.

“Each of us is looking forward to the day when

investments once again return to healthy levels, and the

world economy is strong and robust. This will be well-

served if we do our work — and the long-term deepen-

ing of ties and ongoing cooperation between OPEC and

non-OPEC countries will go a long way to supporting

such goals.”

Issam A Almarzooq,

Kuwait’s Minister of Oil

and Minister of Electricity

and Water, and Chairman

of the JMMC.