OPEC bulletin 3–4/17
C o n f e r e n c e N o t e s
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-
“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.”
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
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
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.