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8

OPEC bulletin 10/17

C o n f e r e n c e N o t e s

5

t h

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

Almarzooq reiterated the importance of each country

remaining resolute to achieve 100 per cent conformity.

“We need to remain steadfast and resolute in seeing

through this market rebalancing process, in the interests

of both producers and consumers, and the global econ-

omy as a whole,” he proclaimed. “It is vital in helping to

ensure a stable and secure energy future.”

In closing, he stated that the actions of the JMMC

were being watched closely by the international commu-

nity and that the Committee had a great responsibility to

do its job well.

JMMC Co-Chairman: fundamentals

normalizing

The Co-Chairman of the JMMC, Alexander Novak, Russia’s

Minister of Energy, thanked the countries that were

showing high conformity levels or over-conforming. He

added that it was necessary not just to continue fully with

coordinated efforts, without slowing the pace, but also

to develop strategies for the future.

Novak commented that market fundamentals were

returning to normal. He added that the efforts of the

participants to the ‘Declaration of Cooperation’ were a

decisive factor in restoring a healthy balance of supply

and demand to the oil market, sustaining investment

attractiveness of the industry and countering specula-

tive activity.

Secretary General: getting closer to our

goal

The OPEC Secretary General, Mohammad Sanusi

Barkindo, stated that the continuous engagement of the

Journalists attend press

conference after the

5

th

Meeting of the Joint

Ministerial Monitoring

Committee.