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8

OPEC bulletin 3–4/17

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

2

n d

M e e t i n g o f t h e J o i n t M i n i s t e r i a l M o n i t o r i n g C o m m i t t e e

be one more meeting of the bimonthly JMMC before the

Meeting of the OPEC Conference in May.

“Until then, the work undertaken by this Committee

remains the main driver behind future actions of the

Ministerial Meeting. We thus hope that your conformity

will remain unwavering and that we can look forward to

positive results between now and then.

“I would like to remind you all that we are under close

scrutiny by the international community and the financial

markets. The work of this Committee is thus essential to

help rebuild confidence in the global oil markets and to

achieve the sustainable stability we are striving for.

“I thus would like to encourage you to do your very

best today and in the coming weeks and months in the

lead-up to our next meeting. There is a lot at stake.

“Each of us is looking forward to the day when

investments once again reach healthy levels and the

world economy is strong and robust. This will be well-

served if we do our work and the long-term deepening

of ties and ongoing cooperation between OPEC and non-

OPEC countries will go a long way to supporting such

goals,” he concluded.

OPEC Secretary General

T

he Minister’s comments were echoed by OPEC

Secretary General, Mohammad Sanusi Barkindo,

who, in thanking the Kuwaiti Government and Minister

Almarzooq for hosting the JMMC, praised the OPEC and

non-OPEC delegations for their “continuous engage-

ment towards fulfilling the objectives of this Committee,

through the full and timely implementation of the deci-

sions taken last year.”

He also thanked Iraqi Minister Al-Luiebi for his “firm

stand and valuable contributions throughout the con-

sultation process, culminating in the landmark achieve-

ments and decisions of the Organization last year.”

In also paying tribute to the hard work of the JTC,

whose efforts “are greatly appreciated”, Barkindo told

delegates that given recent oil market developments, he

felt it was important to take stock as to the current state

of the market.

“We need to understand what has happened since

the historic decisions taken by OPEC and non-OPEC last

year, where we are today, and what is potentially ahead

of us.”

Barkindo maintained that market optimism had sig-

nificantly improved of late. This was on the back of the

decisions taken last year and the resultant cooperation

with non-OPEC oil producers, in addition to the high level

of conformity to the voluntary OPEC/non-OPEC produc-

tion adjustments seen.

“This can be observed by the fact that WTI and

Brent combined net-long positions increased from

close to 500,000 contracts on November 29, 2016, to

763,000 on January 3, 2017. This is an increase of 34

The JMMC announced its findings at a press conference.