OPEC bulletin 2/18
Cooperation’ in 2017 and lauded the unprecedented high
levels of conformity with the voluntary production adjust-
ments, which averaged above 100 per cent throughout
HH Sheikh Sabah praised all 24 participating coun-
tries, both OPEC and non-OPEC, for their joint efforts
towards restoring much needed oil market stability, add-
ing that their collective determination and collaborative
spirit were at the heart of the success achieved thus far.
HH Sabah added that all participating countries
and the global industry have benefited from the posi-
tive outcome and the response of the oil market to the
‘Declaration of Cooperation’. Furthermore, he encouraged
participating countries to stay the course until the com-
mon objective of returning OECD inventories to the five-
year average is achieved. This, he added, would ensure
that the supply-demand balance is restored, paving the
way for further investment in the industry.
His Highness concluded by commending OPEC and
its Secretary General for successfully steering the affairs
of the Organization during a difficult time.
Meetings with Ministry officials
Afterwards, discussions continued with Deputy Prime
Minister and Minister of State for Cabinet Affairs, Anas
Khalid Al-Saleh. Topics covered the current oil market out-
look and the ongoing implementation of the ‘Declaration
Earlier in the day, the Secretary General met bilater-
ally with Kuwait’s newly appointed Minister of Oil and
Minister of Electricity and Water, to discuss prepara-
tions for the 7
Meeting of the JMMC, which was held
in Muscat, the Sultanate of Oman, on January 21, 2018.
Other points on the agenda included the status of imple-
mentation, as well as the role of the JMMC in overseeing
conformity levels. They also reviewed the response of the
market to the ‘Declaration of Cooperation’s’ implemen-
tation and prospects for 2018.
Kuwait will continue to serve as a member of the
JMMC in 2018. Also present at the meeting was Kuwait’s
Governor to OPEC, Haitham Al-Ghais, who previously
served as Chairman of the Joint Technical Committee.
The Minister pledged to continue Kuwait’s valuable
role a consensus builder within OPEC, reflecting not only
its status as a Founding Member of the Organization, but
also its commitment to OPEC’s cohesion as a group and
with its non-OPEC partners.
The day concluded with OPEC officials delivering
a presentation to the Minister and other senior offi-
cials from the Ministry of Oil on the implementation of
the ‘Declaration of Cooperation’ and the latest market
Meeting with KPC
On January 17, 2018, the Secretary General and the
accompanying delegation met with management of the
Kuwait Petroleum Corporation, Kuwait’s national oil com-
pany. OPEC officials presented on the current market sit-
uation and the impact of the ‘Declaration of Cooperation’
was having on the oil market.
Later in the day, the Secretary General held a joint
press conference with Minister Al-Rashidi and gave press
interviews to a number of local media outlets.
Bakheet S Al-Rashidi (r), Kuwait’s Minister of
Oil & Minister of Electricity & Water; presents
a gift to Mohammad Sanusi Barkindo, OPEC
Joint Press Conference
by Bakheet S
Al-Rashidi (l), Kuwait’s
Minister of Oil &
Minister of Electricity
& Water; and
Barkindo (c), OPEC
Secretary General; with
Haitham Al-Ghais (r),
Kuwait’s Governor for