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6

OPEC bulletin 12/17–1/18

1 7 3

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M e e t i n g o f t h e C o n f e r e n c e & 3

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O P E C n o n - O P E C M i n i s t e r i a l M e e t i n g

passed the halfway mark on the journey towards achiev-

ing the five-year average of OECD stock levels.”

“History”, he said, also shows us “that as we get

closer to the goal, commitment can start to waiver. So,

to achieve our goals on a sustainable basis, we must

stay the course, with each Member Country taking full

responsibility for its own contributions and not relying

on others. That is the only way to succeed.”

While it is essential to maintain OPEC unity, he said,

he also hastened to add that “without the support of our

non-OPEC partners, the encouraging situation we see

today would not have been achieved. So, we should seek

to institutionalize the OPEC and non-OPEC cooperation

framework, and further build on the healthy foundation

we have laid.”

All timeframes interlinked

The Conference President stressed when he assumed

the OPEC Presidency at the beginning of 2017 he talked

of not only focusing on the short-term challenges, but

also looking ahead in terms of OPEC and the industry’s

future. “While the short-term results and their importance

cannot be ignored, we need to remember that the short-,

medium- and long-terms are linked in multiple ways.”

He said that “we need to continue to foster a secure

and stable market in the interests of both producers and

consumers. And to protect the long-term interests of con-

sumers, we must invest in capacity.

“To do that, trillions of dollars must be invested in

additional oil capacity and infrastructure. These stagger-

ing investments will not be forthcoming unless there is

sufficient market certainty.

“I am already concerned that on top of about a tril-

lion dollars that have been deferred or cut to date from

investments, the focus is on incremental and short-cycle

Diamantino Azevedo (c), Minister of Petroleum and Mineral Resources, Angola.

Ing Carlos Perez (l), Minister of Hydrocarbons, Ecuador; and Eng José Antonio Cepeda

Altamirano (r), Ecuador’s OPEC National Representative.

Mustapha Guitouni (c), Minister of Energy, Algeria; Fouzaia Mebarki (l), Algerian

Ambassador to Austria; and Eng Mohamed Hamel (r), Senior Advisor to the Minister and

Algerian Governor to OPEC.

Gabriel Obiang Lima (l), Minister

of Industry, Mines & Energy,

Equatorial Guinea.

Algeria

Angola

Ecuador

Equatorial Guinea