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26

OPEC bulletin 11/17

D e c l a r a t i o n o f C o o p e r a t i o n

Underyour chairmanship, the JointMinisterial Monitoring

Committee (JMMC) has played a vital role in helping fulfill

the objectives of the historic ‘Declaration of Cooperation’.

What are your thoughts on the work of JMMC and the pro-

gress of the market rebalancing process so far?

When the landmark OPEC/non-OPEC ‘Declaration of

Cooperation’ was signed on December 10, 2016, the Joint

Ministerial Monitoring Committee (JMMC) was formed as

a ministerial body to ensure the implementation of this

historic declaration. I had just been appointed as the

Minister of Oil, Minister of Water and Electricity for Kuwait.

The responsibility was immense and the challenges were

significant. Nevertheless, it was gratifying and I felt very

proud that the State of Kuwait was selected to lead the

JMMC, which is a taskmy team of experts and I are under-

taking with great enthusiasm.

This Committee in its new format has had no prec-

edence in OPEC history. The surplus in the market had

continued to pressure prices and with our new partners

from outside OPEC we needed to dedicate all our energy

and efforts to rebalance the market. As you know, Kuwait

is one of the Founder Members of OPEC and is very well

known for its role in supporting overall cooperation within

OPEC and market stability. We agreed to chair the JMMC

jointly with our partners from the Russian Federation.

Issam Almarzooq.

Issam Almarzooq

Minister of Oil, and Minister of Electricity and Water, Kuwait, and Chairman of the JMMC