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11

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

Russian Energy Minister

A

lso addressing the Committee, Alexander Novak,

Minister of Energy of the Russian Federation, said

through his interpreter that in less than a week, the third

month of OPEC and non-OPEC countries’ joint efforts to

stabilize the situation on international oil markets would

come to a close.

“Now we can speak about the interim results of the

decisions reached in Vienna and their prospects for the

future,” he affirmed.

Novak pointed out that the active interaction

between the countries participating in the arrange-

ment and the partnership formed within the JTC, in

addition to the continuous analysis of the unfolding

situation, had allowed the Members to pinpoint a

number of factors that were crucial to the success of

the decisions taken and that must be discussed by

the JMMC.

He maintained that the meetings of the JMMC served

as a tool to provide participating countries of the Vienna

decisions a means to promptly and completely fulfill

their obligations.

“Our efforts are a crucial factor in restoring the

healthy balance between supply and demand on oil

markets, maintaining the sector’s long-term investment

attractiveness, restoring market stability and counter-

acting the work of speculators,” he said.

“We have our minds set toward serious and efficient

work within the JMMC, in order to achieve this important

goal,” he observed.

Also quoted by news services, the Russian Minister

announced that his country was satisfied that OPEC and

non-OPEC countries were committed to sticking to their

global deal to adjust oil output.

He confirmed that compliance with the adjustment

in output stood at 94 per cent in February, adding that

Russia was committed to an adjustment of 300,000 b/d

by the end of April.

Novak added that he expected global oil stockpiles

to decrease in the second quarter of the year.

Courtesy call on Emir of Kuwait

M

eanwhile, the JMMC, led by its Chairman, Issam

A Almarzooq, paid a courtesy call on the Emir of

Kuwait, HH Sheikh Sabah Al Ahmad Al Sabah to thank

him and his government for the support and guidance

given OPEC in the run up to the historic decisions made

in November and December 2016. The members also

pledged their commitment to the full and timely imple-

mentation of the decisions.

The Emir welcomed the delegation and thanked

the members for honouring the State of Kuwait with the

responsibility of the Chairmanship of the JMMC and for

hosting its second meeting.

Pictured during the visit to the Emir of Kuwait, HH Sheikh Sabah Al Ahmad Al Sabah (c), are (l–r): Mohammed Hamad Al Rumhy, Minister of Oil and Gas,

Oman; Noureddine Boutarfa, Minister of Energy, Algeria; Issam A Almarzooq, Minister of Oil and Minister of Electricity & Water, Kuwait; Mohammad

Sanusi Barkindo, OPEC Secretary General; Alexander Novak, Minister of Energy, Russian Federation; Suhail Mohamed Al Mazrouei, Minister of Energy,

United Arab Emirates; Dr Nelson Martinez, People’s Minister of Petroleum, Venezuela; Jabbar Ali Hussein Al-Luiebi, Minister of Oil, Iraq.

OPEC bulletin 3–4/17