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C o n t e n t s

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30

4

14

Ministry of Energy, Russia

Publishers

OPEC

Organization of the Petroleum Exporting Countries

Helferstorferstraße 17

1010 Vienna

Austria

Telephone: +43 1 211 12/0

Telefax: +43 1 216 4320

Contact: The Editor-in-Chief, OPEC Bulletin

Fax: +43 1 211 12/5081

E-mail:

prid@opec.org

Website:

www.opec.org

Website:

www.opec.org

Visit the OPEC website for the latest news and infor-

mation about the Organization and back issues of the

OPEC Bulletin

which are also available free of charge

in PDF format.

OPEC Membership and aims

OPEC is a permanent, intergovernmental Organization,

established in Baghdad, on September 10–14, 1960,

by IR Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Its

objective — to coordinate and unify petroleum policies

among its Member Countries, in order to secure a steady

income to the producing countries; an efficient, economic

andregularsupplyofpetroleumtoconsumingnations;and

a fair return on capital to those investing in the petroleum

industry. Today, the Organization comprises 14 Members:

Qatar joined in 1961; Libya (1962); United Arab Emirates

(Abu Dhabi, 1967); Algeria (1969); Nigeria (1971); Angola

(2007); Equatorial Guinea (2017). Ecuador joined OPEC in

1973, suspended its Membership in 1992, and rejoined in

2007.Indonesiajoinedin1962,suspendeditsMembership

on December 31, 2008, reactivated it on January 1, 2016,

but suspended its Membership again on December 31,

2016. Gabon joined in 1975 and left in 1995; it reactivated

its Membership on July 1, 2016.

Cover

This month’s cover reflects the 4

th

Joint

Ministerial Monitoring Committee (JMMC)

held in July in St Petersburg, Russia (see

feature starting on p4).

O P E C b u l l e t i n

Vol XLVIII, No 4, August/September 2017, ISSN 0474–6279

Conference Notes

Forum

Member Country Visits

ASB 2017

OPEC and the Media

Inter vi ew

4

8

10

12

14

20

26

30

34

40

44

50

JMMC confident oil market is steadily moving towards rebalancing

Conference President says OPEC and non-OPEC unity will make the difference

JMMC Chairman praises unprecedented OPEC-non-OPEC cooperation

OPEC Secretary General optimistic that joint efforts are working

22

nd

World Petroleum Congress:

The petroleum world gathers in Istanbul

Energy Evolution —

Alexander Novak

Equatorial Guinea: A jewel of biodiversity

Mission Africa

IR Iran’s second-largest refinery is both modern and efficient

OPEC’s 2017 Annual Statistical Bulletin

The changing face of OPEC media coverage

A lifetime in journalism ...