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OPEC bulletin 12/17–1/18

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

noted that the overall conformity level for participat-

ing non-OPEC and OPEC countries in the ‘Declaration of

Cooperation’ in October was 116 per cent, furthering the

unprecedented conformity levels seen throughout 2017.

It also considered several scenarios presented by the

Joint Technical Committee (JTC) regarding the extension of

the ‘Declaration of Cooperation’, as well as the outcomes

from the earlier 173


Meeting of the OPEC Conference.

It was noted in the amended ‘Declaration of

Cooperation’, published at the conclusion of the meet-

ing, that OPEC maintained its decisions taken earlier in

the day, and the ‘Declaration of Cooperation’ is hereby

amended to take effect for the whole year of 2018 from

January to December 2018, with a pledge for full and

timely conformity of OPEC and participating non-OPEC

countries in accordance with voluntary agreed produc-

tion adjustments.

It also highlighted that “in view of the uncertain-

ties associated mainly with supply and, to some extent,

demand growth it is intended that in June 2018, the

opportunity of further adjustment actions will be con-

sidered based on prevailing market conditions and the

progress achieved towards rebalancing of the oil market

at that time.”

The meeting also decided that the JMMC should con-

tinue to monitor conformity levels, as well as market con-

ditions and its immediate prospects, and recommend

further actions, if deemed necessary; and furthermore,

that the JTC, supported by the OPEC Secretariat, shall

continue to provide its monthly technical assistance to

the ‘Declaration of Cooperation’.

‘Declaration of Support’

The meeting also saw observer countries pledge a

‘Declaration of Support’ to the work being undertaken

by the participating countries in the ‘Declaration of


As Al-Falih said in the press conference that followed

the conclusion of the meeting: “We had also six coun-

tries that came in as observers. They are smaller pro-

ducers, but they are also committed and have signed a

‘Declaration of Support’ basically endorsing the action of

the 24 countries. So you can say we have 30 in Vienna

today, an unprecedented number of producers that are

committed to work together over the mid- to long-term to

make sure we continue to bring market stability, looking

after the interest of consumers and producers.”

Dr Mohammed bin Hamad Al Rumhy, Minister of Oil and Gas, Oman.

Dr Abdel Rahman Osman Abdel Rahman, Minister of Petroleum and Gas, Sudan.

Ezekiel Lol Gatkuoth, Minister of Petroleum and Mining, South Sudan.



South Sudan