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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

OPEC

bulletin 3–4/17

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

Members report high level of

conformity to oil production

adjustments in February

The JMMC comprises the Oil and Energy Ministers of OPEC Members Algeria (Noureddine Boutarfa, second l), Kuwait (Issam A Almarzooq, fourth

l — Committee Chairman) and Venezuela (Dr Nelson Martinez, r), as well as non-OPEC Oman (Mohammed Hamad Al Rumhy, second r) and the

Russian Federation (Alexander Novak, third l). Pictured with Mohammad Sanusi Barkindo (fourth r), OPEC Secretary General; Jabbar Ali Hussein

Al-Luiebi (l), Iraq’s Minister of Oil; and Suhail Mohamed Al Mazrouei (third r), Minister of Energy, United Arab Emirates.

Joint Ministerial Monitoring Committee holds second meeting in Kuwait

O

PEC and non-OPEC oil-producing countries,

who signed a ‘Declaration of Cooperation’ on

production in December last year in support of

securing stability in the international petroleum market,

are happy with the extent of the output adjustments they

have made so far in 2017.

The Joint OPEC/Non-OPEC Ministerial Monitoring

Committee (JMMC) convened its second meeting in

Kuwait City on March 26 and reported that the 24 coun-

tries (13 from OPEC, 11 non-OPEC) participating under

the ‘Declaration’ have continued their progress towards

full conformity with their voluntary adjustments in

production.

A press release issued after the one-day meeting

held at the Jumeirah Messilah Beach Hotel in the Kuwaiti

capital said the Committee’s findings were based on the

report of the Joint OPEC/Non-OPEC Technical Committee

(JTC) for the month of February 2017, which met in

Vienna, Austria one week before the JMMC.

“The JMMC expressed its satisfaction with the pro-

gress made towards full conformity with the voluntary

production adjustments and encouraged all participating

countries to press on towards 100 per cent conformity,”

stated the press release.

It revealed that the February data showed that the

OPEC and participating non-OPEC countries achieved