OPEC bulletin 11/17
Jabbar Ali Hussein Al-Luiebi
Minister of Oil, Iraq
How important has the ‘Declaration of
Cooperation’ and the ongoing market
rebalancing been to Iraq?
There is no doubt that the direction
towards a balanced market would not
have been reached without the efforts
exerted and the evidenced cooperation
amongst all OPEC and non-OPEC coun-
tries in building the necessary consen-
sus for such a great achievement.
Iraq has already given its full sup-
port to the ‘Declaration of Cooperation’
as we do realize its importance in
adjusting the market indicators for a fair
market price for both consumers and
While the short-term oil market chal-
lenges are evidently in everyone’s
sights, how important is the ‘Declaration
of Cooperation’ to medium- and long-
term oil market prospects?
We are confident that the ‘Declaration
of Cooperation’ has already set the
ground for the medium- and long-term
by highlighting the great responsibility of most mar-
ket participants to correct the path when it goes out of
Without the ‘Declaration of Cooperation’ taken by 24 pro-
ducing nations, what might the oil market and the global
economy look like?
Without the ‘Declaration of Cooperation’, the market and
the global economy were deteriorating and there was
no room to even delay it. Not only were oil prices head-
ing down but the accumulation of uncertainties had set
investments and major economic indicators back.
How do you view oil market prospects for 2018?
We see better improvements in market fundamentals in
terms of a noticeable rebound in demand. However, US
oil production is still in need of being closely monitored
as it will still hold the bulk of the effect on the supply side.
Therefore, the cooperation between OPEC and non-OPEC
suppliers should continue as a suitable means to take
action when needed.
How important is it to institutionalize a framework for
cooperation between OPEC and non-OPEC producing
countries on a regular and sustainable basis?
The institutionalization of a framework of cooperation
between OPEC and non-OPEC producing countries is an
important part of efforts to strengthen their collabora-
tion and ensuring the continuity of this mutual effort
towards achieving the main target of rebalancing the
Jabbar Ali Hussein Al-Luiebi.