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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

since the Declaration came into effect at the beginning of

2017. This underscores the commitment of participants

to work together in rebalancing the global oil market for

the benefit of producers, consumers and investors alike.

The JMMC, established following OPEC’s 171

st

Ministerial Conference decision and the subsequent

‘Declaration of Cooperation’, based its information on the

August 2017 report of the Joint OPEC-non-OPEC Technical

Committee (JTC).

At its meeting, the JMMC welcomed

the participation of Iraq, Libya and Nigeria,

and the reaffirmation of their commitment

to work closely with other participating

producing countries to ensure the success

of the ‘Declaration of Cooperation’.

Conference President satisfied

with progress

Khalid A Al-Falih, Minister of Energy,

Industry and Mineral Resources of the

Kingdom of Saudi Arabia and President

of the OPEC Conference, took part in the

meeting by telephone. He reiterated his

country’s commitment to the success of

the ‘Declaration of Cooperation’.

Overall, the JMMC expressed sat-

isfaction with overall conformity levels

and again emphasized that all countries

should focus on reaching or exceeding

100 per cent conformity.

The JMMC also recommended that

the JTC continue building on the progress

made at its extraordinary session held in

Abu Dhabi on August 8, to support par-

ticipating countries in their efforts towards achieving full

conformity with the ‘Declaration of Cooperation’.

Data shows that oil demand growth is expected to

be strong in the second half of 2017, by up to 2 million

barrels/day, which is expected to support the drawdown

of excess barrels in storage. Commercial oil stocks both

onshore and offshore saw significant drops and were

reported to be on a declining trend at the time of the

meeting.

Khalid A Al-Falih, Minister of Energy, Industry and Mineral Resources of the Kingdom

of Saudi Arabia and President of the OPEC Conference.