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