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5

OPEC bulletin 8–9/17

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

T

he fourth edition of the JMMC was hosted by

the Russian Federation, which co-chairs the

Committee along with OPEC Member Kuwait. The

site selected for the meeting was the elegant cultural

hub of St Petersburg.

In opening the meeting, the Committee expressed

its deep appreciation to Co-Chairman Alexander Novak,

Minister of Energy of the Russian Federation, for host-

ing the event and for the warm hospitality and excellent

arrangements made for the occasion.

Opening remarks were delivered by Khalid A Al-Falih,

Saudi Arabia’s Minister of Energy, Industry and Mineral

Resources, and President of the OPEC Conference;

Alexander Novak; Issam A Almarzooq, Kuwait’s Minister

of Oil and Minister of Electricity and Water and Chairman

of the JMMC; and Mohammad Sanusi Barkindo, OPEC

Secretary General.

The JMMC then reviewed the June 2017 report

on oil market developments and an implementation

assessment of the first six months of the ‘Declaration of

Cooperation’ as submitted by the Joint OPEC-non-OPEC

Technical Committee (JTC), which met on July 22, 2017,

in St Petersburg in the lead-up to the JMMC Meeting.

Slow and steady progress

The JMMC concluded that the oil market was making

steady and significant progress towards rebalancing.

“The continued strengthening of the global recovery

is underway, with stability in the oil market remaining a

key determinant,” a press release issued by OPEC after

the meeting stated. “The market volatility has been lower

in recent weeks and investment flows have visibly started

to improve in the industry.”

Khalid A Al-Falih, President of the OPEC Conference and Minister of Energy, Industry

& Mineral Resources, Saudi Arabia.

Co-Chairman Alexander Novak, Minister of Energy, Russian

Federation.