OPEC : Opening Address by the President of the OPEC Conference

Opening Address by the President of the OPEC Conference

Delivered by HE Suhail Mohamed Al Mazrouei, UAE Minister of Energy and Industry; and President of the OPEC Conference, at the 4th OPEC and non-OPEC Ministerial Meeting, 23 June 2018, Vienna, Austria.


Excellencies, ladies and gentlemen,
Good morning.

Welcome to the 4th OPEC and non-OPEC Ministerial Meeting.

This is another landmark meeting for our ever-evolving and innovative cooperation.  We are truly pleased to see so many OPEC Ministers and other Heads of Delegation from non-OPEC producing countries here with us today.

I would also like to personally welcome my counterpart as co-Chair today, His Excellency Alexander Novak, Oil Minister of the Russian Federation. It is a great pleasure to share this platform with you.

Our joint decision on 30 November 2017 to amend the ‘Declaration of Cooperation’ to take effect for the whole year of 2018 was welcomed by the market and it is evident that it has played an extremely important role in helping to further rebalance the market and bring about more stability.

The decision last year also pledged the full and timely conformity of OPEC and participating non-OPEC countries in accordance with the voluntary agreed production adjustments in the ‘Declaration of Cooperation’.

In this regard, I am happy to report that we have seen overall monthly conformity levels well above 100% in the months since the last Ministerial meeting.

This clearly demonstrates the commitment of participating countries to the restoration of market stability, which is intended to serve the long-term interests of producers, consumers and the global economy.

There is no doubt that the hard work and shuttle diplomacy involved in bringing together OPEC and non-OPEC back in 2016 has been extremely valuable.

Our 24 countries have made an extraordinary difference, through a common, collective and collaborative framework for cooperation.  This has been broadly recognized by other producers, companies, as well as a number of global institutions.

Here, it is also important to recognize the tremendous efforts of the Joint Ministerial Monitoring Committee (JMMC), ably supported by the Joint Technical Committee (JTC) and the OPEC Secretariat, who have shown great diligence and commitment in helping achieve these concrete results.

Moreover, the OPEC Secretariat has also organized a series of OPEC and non-OPEC Technical Meetings under the umbrella of the ‘Declaration of Cooperation’, the third of which took place earlier this week.  These have achieved a commendable level of knowledge-exchange much coveted by our industry, and now constitute an essential part of our closer engagement.

These supporting organs of our cooperation have helped guide and enhance the work we are undertaking.  They are insightful and dynamic forums, producing high quality market analyses and valuable insights.

Let me also stress here that there is no ceiling on how many countries can join the forum that is, the ‘Declaration of Cooperation’.  There is an open invitation for all oil producers to join with us and work responsibly towards market rebalancing in the interests of all.

I should like to acknowledge a number of additional non-OPEC producers that have joined us today in solidarity with the ‘Declaration of Cooperation’. These are Chad, Egypt, Uganda, South Africa, as well as the African Petroleum Producers Association.

Excellencies, ladies and gentlemen,

Yesterday, at the 174th Meeting of the OPEC Conference, we discussed the current oil market situation, the outlook for the remainder of 2018 and into 2019, and the future development of our cooperation.  These issues will now be deliberated with Your Excellencies from the non-OPEC producers that are with us today.

This means analyzing and evaluating where we stand today, as well as the outlook for the remainder of 2018 and into 2019.  This will give us a clearer understanding of the rebalancing process and overall oil market stability.

As we all know, in an increasingly interdependent world, with the oil industry a central element of this, the challenges we face can be complex.  They need to be monitored on a regular basis, so that swift and informed decisions can be taken.

It once again reinforces the importance of working in unison.  It is vital that our hard-earned improvements are not compromised or lost.

We need to keep in mind that it took all of us together to bring the oil market out of the wilderness, and we need to take these lessons into the future.

Obviously our central focus remains on the present, but we should also not lose sight of the importance of institutionalizing this cooperative process into a broader framework to ensure continuity.

I hope that this is something we can bridge today.  It is an excellent occasion to further strengthen the foundation of our cooperation, to not only tackle the challenges before us, but also to realize the many opportunities we will have in the future.

Thank you.

HE Suhail Mohamed Al Mazrouei, UAE Minister of Energy and Industry; and President of the OPEC Conference

HE Suhail Mohamed Al Mazrouei, UAE Minister of Energy and Industry; and President of the OPEC Conference

Group photo of OPEC and non-OPEC Ministers and officials, taken at the OPEC Secretariat in Vienna

Group photo of OPEC and non-OPEC Ministers and officials, taken at the OPEC Secretariat in Vienna

The 4th OPEC and non-OPEC Ministerial Meeting took place at the OPEC Secretariat

The 4th OPEC and non-OPEC Ministerial Meeting took place at the OPEC Secretariat