Speech by the President of the OPEC Conference at the 11th JMMC Meeting

Delivered by HE Suhail Mohamed Al Mazrouei, UAE's Minister of Energy and Industry and President of the OPEC Conference, at the 11th Meeting of the Joint Ministerial Monitoring Committee (JMMC), 11 November 2018, Abu Dhabi, UAE.


Mr. Chairman, Excellencies, distinguished delegates,

It is indeed my distinct honour to welcome you to Abu Dhabi for this 11th Meeting of the JMMC.

After a very successful 10th JMMC hosted by the Algerian government in the beautiful city of Algiers, the United Arab Emirates is now honoured to host this eleventh edition and show you the unique brand of Emirati hospitality and culture.

This is a big week ahead, as tomorrow, we kick off the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC, which will be hosted by the Abu Dhabi National Oil Company, ADNOC, and held under the patronage of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates.

We look forward to the participation of both OPEC and non-OPEC Member Countries. In fact, we expect to see around 41 National Oil Companies and International Oil Companies here this week.

ADIPEC has truly become a magnet in this industry, bringing together a huge diversity of stakeholders each year from all corners of the world. We expect great things to emerge from this year’s edition, and allow me to wish you all a very fruitful participation in next few days.

But, today, we are here to discuss matters related to the ongoing, successful Declaration of Cooperation and how OPEC and its non-OPEC partners will continue to contribute to a sustainable stability in the global oil market during the months ahead.

Let me pause for one moment to recognize 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. Their capable leadership and extensive experience continue to inform and drive this Committee’s valuable work.

Allow me to also thank the OPEC Secretary General, HE Mohammad Sanusi Barkindo, and the Secretariat staff for their high-quality input and continuous support for these meetings.

The Joint Technical Committee should also to be recognized for their ongoing production of key reporting that feeds into our deliberations.

Chairman, Excellencies, delegates,

Today, we have an industry that is on much stronger footing than two years ago, when the OPEC and non-OPEC countries embarked on this journey of cooperation. Fundamentals are strong, and we have seen a return of a greater degree of balance to the market. And this, in turn, is supporting investments and the global economy.

This Committee has been instrumental in fostering this newfound optimism we see today. Steady and vigilant monitoring of the oil market while emphasizing transparency have been the hallmarks of their efforts.

Though there are still uncertainties on the horizon, many of them beyond our control, this Committee will continue to carry out its mandate with great effectiveness, as it has so ably demonstrated to present.

One thing is certain, however, this industry, and indeed the world, has witnessed the power of cooperation and dialogue as a means to achieving common goals among like-minded stakeholders.

My hope is that our discussions here today stay focused on how we can continue to build upon and institutionalize this cooperation. I believe great things are still to come, and all stakeholders will benefit — producers, consumers and the global economy.

So, allow me to conclude by welcoming you once again here today. I hope you will be able to enjoy the delights of Emirati culture while you are here! I wish you all fruitful discussions.

Thank you.

HE Suhail Mohamed Al Mazrouei, UAE's Minister of Energy & Industry and President of the OPEC Conference (l); and HE Mohammad Sanusi Barkindo, OPEC Secretary General

HE Suhail Mohamed Al Mazrouei, UAE's Minister of Energy & Industry and President of the OPEC Conference (l); and HE Mohammad Sanusi Barkindo, OPEC Secretary General

The 11th meeting of the JMMC took place in Abu Dhabi, UAE

The 11th meeting of the JMMC took place in Abu Dhabi, UAE