OPEC bulletin 8–9/17
C o n f e r e n c e N o t e s
M e e t i n g o f t h e J o i n t M i n i s t e r i a l M o n i t o r i n g C o m m i t t e e
OPEC Secretary General
optimistic that joint efforts
OPEC Secretary General, Mohammad Sanusi Barkindo,
began his remarks by expressing his appreciation to the
Russian Federation and Minister of Energy, Alexander
Novak for hosting the meeting and for his delegation’s
ongoing leadership role in the historical OPEC-non-OPEC
cooperation over the previous months.
He also commended the President of the Conference
and the JMMC Chairman for their unwavering support of
the joint efforts to bring stability, growth and investment
back to the global oil market.
He then mentioned his last visit to Russia in June and
the ongoing importance of OPEC-Russia relations.
“I was last here back at the start of June for the pres-
tigious St. Petersburg International Economic Forum. It
was a truly global gathering of leaders and experts. This
followed the meeting of the 6
Energy Dialogue in Moscow on the last day of May. This
was another opportunity to explore and advance this
important dialogue, which is a great example of an active
and well-structured dialogue among producing nations,
as well as discuss opportunities to further institutional-
ize the dialogue between OPEC and non-OPEC on a sus-
During that visit, the Secretary General also had the
opportunity to meet with the Russian Prime Minister
and discuss the deepening ties between OPEC and
“Whilst in Moscow I was also extremely grateful for
the opportunity to meet with Dmitry Medvedev, Prime
Minister of the Russian Federation. We discussed the
‘Declaration of Cooperation’ and the good relations
between OPEC and Russia that are playing a role in help-
ing the oil market to recover from the downturn that was
felt throughout the industry in 2015 and 2016, as well
as ways and means to enrich and deepen our important
The Secretary General also acknowledged the key
role being played by the JTC and its leadership team in
supporting the implementation process.
“I would like to acknowledge the hard work of the
Joint Technical Committee, ably supported by the OPEC
Secretariat, whichmet here in St Petersburg only two days
ago on July 22.
“Your efforts in supporting thisMinisterial Committee
are greatly appreciated. I would particularly extend
my deep appreciation to the two Co-Chairs of the JTC,
Haitham Al-Ghais and Pavel Sorokin, for their ongo-
ing and important work to support the ‘Declaration of
He proceeded to highlight a number of key oil market
developments that had occurred since the last meeting
of the JMMC.
“We continue to see high conformity levels among
OPEC and participating non-OPEC producing countries
to the ‘Declaration of Cooperation’. We believe that the
overall conformity figures for participating countries in
the first half of the year are a convincing demonstration
of the willingness of all countries to help rebalance the
In terms of inventories, he said global stocks were
decreasing, but there was still more to be achieved.
“Secondly, while a number of headwinds in the first
quarter of 2017 limited the drawdown of stocks, we are
now seeing OECD stock levels fall on a regular basis.
While it is clear we are heading in the right direction, the
overall picture underscores that more needs to be done.
We are evidently not where we want to be in terms of
reaching the five-year average.”
Two other positive developments he outlined were
the solid growth in global oil demand and an expanding
“We believe demand is holding steady, with expec-
tations for around 1.3m b/d in both 2017 and 2018.
Moreover, we expect to see a significant increase in
global demand, of close to 2m b/d, from the second to
the third quarter this year. Undoubtedly this anticipated
boost in demand will contribute to further reductions in
commercial oil inventories. Additionally, we expect to