OPEC bulletin 8–9/17
C o n f e r e n c e N o t e s
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
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