Opening Remarks by the President of the OPEC Conference

Delivered by HE Suhail Mohamed Al Mazrouei, UAE's Minister of Energy and Industry; and President of the OPEC Conference, at the 10th Meeting of the Joint Ministerial Monitoring Committee (JMMC), 23 September 2018, Algiers, Algeria.


Mr. Chairman, Excellencies, distinguished delegates,

It is a pleasure to add my words of welcome to the 10th meeting of the JMMC.

I’d like to add my thanks and appreciation to our Algerian hosts, to His Excellency, President Abdelaziz Bouteflika; HE Mustapha Guitouni, Minister of Energy; and all our Algerian colleagues who have extended such outstanding hospitality to us. Arrangements for these meetings have been exceptional and it has been a great honour to enjoy this wonderful country over the last few days.

It is indeed of great significance to return to Algiers after our critically important Conference two years ago. Algeria has played a very unique role since joining OPEC in 1969 and it is only proper that we use this opportunity to celebrate the contribution Algeria has made to the betterment of our Organization.

Algiers was the location of the First OPEC Summit in 1975 and resulted in the Organization’s First Solemn Declaration. The Summit also resulted in the founding of the OPEC Fund for International Development, (OFID). Algeria also hosted meetings of the OPEC Conference in 1980, 2004, 2008 and 2016. Therefore, it is very appropriate that we honour Algeria’s role at this commemorative meeting of the JMMC.

I’d like to commend the hard work of the chairman and co-chairman of this committee, HE Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia, and HE Alexander Novak, Minister of Energy of the Russian Federation. The outstanding leadership they have demonstrated has guided the JMMC to achieve truly remarkable results.

Additionally, I’d like to thank the OPEC Secretary General, HE Mohammad Sanusi Barkindo, and all of the Secretariat staff for the thorough preparation for our meetings this week.

I’d also like to commend the JTC for producing such a high quality report for our review.

Today, our industry is in a much healthier place than when the historic Algiers Meeting took place on 28 September 2016. Fundamentals are strong and we have seen a return of a greater degree of balance to the market. OPEC and its non-OPEC partners have demonstrated what can be achieved when working together. I’d like to commend all participating countries for their historic efforts in this regard.

There is no doubt that this committee has played an important role in contributing to our many successes. Proper monitoring of conditions in the oil market is an essential component of transparent and effective work. The JMMC continues to fulfil its mandate commendably.

Despite our major achievements towards market stability, we face new uncertainties today. Many of these uncertainties are factors beyond our control; nevertheless, they need to be continuously monitored in order to build on the progress made to date.

In this regard, I hope we can continue our important discussions on further means of institutionalising our cooperation. We are only seeing the beginning of all the great things we can accomplish when working together, in the interests of producers, consumers and the global economy.

So let me conclude by once again, thanking our gracious Algerian hosts and wishing us all fruitful discussions.

Thank you for your kind attention.

HE Suhail Mohamed Al Mazrouei, UAE's Minister of Energy and Industry; and President of the OPEC Conference, speaks to the media in Algiers, Algeria

HE Suhail Mohamed Al Mazrouei, UAE's Minister of Energy and Industry; and President of the OPEC Conference, speaks to the media in Algiers, Algeria