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6

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

before submitting its recommendation to the participat-

ing countries.

“This reaffirms the commitment of OPEC and partic-

ipating non-OPEC countries to continue to cooperate for

the benefit of producers and consumers alike, as has

been consistently advocated.”

JMMC Chairman

I

n his opening comments to the meeting, Committee

Chairman, Issam A Almarzooq, Minister of Oil and

Minister of Electricity and Water of the State of Kuwait,

told delegates that it was a pleasure and honour for

Kuwait to be both host and Chair of the event.

“It is part of our contribution to this historic process

and I hope that during your stay in Kuwait you will have

the chance to enjoy some of our hospitality,” he affirmed.

He commended Alexander Novak, Russia’s Minister

of Energy, for serving as Alternate Chairman of the

Committee and for his tireless work and support for the

process. He also thanked the other OPEC Ministers for

attending.

Referring to the OPEC decision in November last year

to adjust the Organization’s total crude oil production

by 1.2m b/d, followed by the historic ‘Declaration of

Cooperation’, he stressed that the landmark efforts were

made because the oil industry could no longer continue

along the same path it was on in 2015 and 2016.

“Something had to be done to address the major

challenges that were suffocating the industry and impact-

ing current and future oil supplies,” he declared.

“Producers everywhere recognized the need to stim-

ulate the acceleration of the drawdown of the stock over-

hang, in order to bring the necessary market rebalanc-

ing forward and ensure that much-needed investments

returned to the industry.”

Almarzooq explained that in support of the historic

cooperation, the JMMC, which held its inaugural meet-

ing on January 22 at the OPEC Secretariat in Vienna, put

together a framework of monitoring mechanisms.

“We are so far pleased with the level of conformity to

this framework,” he said.

Part of that framework, he revealed, included the cre-

ation of the JTCwhosemandate was to produce amonthly

report for the JMMC.

“I would like to thank the JTC for its support so far and

for the very useful report which has been provided to us.

This will helpmove this process forward,” maintained the

Minister.

He stipulated that the JMMC was tasked with ensur-

ing that the objectives of the Ministerial Conference deci-

sion and the ‘Declaration of Cooperation’ were achieved

through the successful implementation of the voluntary

adjustments in production.

“The last time we met, we reaffirmed our commit-

ment to joint cooperation for the achievement of lasting

Issam A Almarzooq, Committee Chairman, Minister of Oil and Minister

of Electricity and Water, Kuwait.

Mohammad Sanusi Barkindo, OPEC Secretary General.