Previous Page  9 / 108 Next Page
Information
Show Menu
Previous Page 9 / 108 Next Page
Page Background

7

OPEC bulletin 12/17–1/18

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

investments, with large long-cycle investments remaining

on hold. In my view, this will not cut it.”

He stated that the creation of the right enabling envi-

ronment for the necessary investments and maintain-

ing market stability is a collective global responsibility.

“On our part, we need to further strengthen coopera-

tion between OPEC and non-OPEC producers, as well as

advance dialogue with other international energy insti-

tutions, especially those representing consumers.”

Extending the ‘Declaration of Cooperation’

Following the end of the closed session of the 173

rd

OPEC

Conference, and the close of the 3

rd

OPEC and non-OPEC

Ministerial Meeting later in the day, OPEC stated that

in line with the decisions taken at its 171

st

and 172

nd

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

the Conference decided to amend its production adjust-

ments to take effect for the whole year of 2018 from

January to December 2018, while assuring full and timely

conformity.

The final

communiqué

also added that “in view of

the uncertainties associated mainly with supply and, to

some extent, demand growth, it is intended that in June

2018, the opportunity for further adjustment actions will

be considered based on prevailingmarket conditions and

the progress achieved towards rebalancing of the oil mar-

ket at that time.”

Through this decision, Member Countries confirmed

their continued focus on a stable and balanced oil mar-

ket, in the interests of both producers and consumers,

and remain committed to being dependable and reliable

suppliers of crude and products to global markets.

Pascal Ambouroue, Minister of

Petroleum and Hydrocarbons,

Gabon.

Eng Bijan Namdar Zangeneh (c), Minister of Petroleum, IR Iran, with members of his delegation.

Jabbar Al-Luiebi (c), Minister of Oil, Iraq, with members of his delegation.

Gabon

IR Iran

Iraq