OPEC 172nd Meeting concludes

No 22/2017
Vienna, Austria
25 May 2017

The 172nd Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) was held in Vienna, Austria, on Thursday, 25 May 2017, under the Chairmanship of its President, HE Khalid A. Al-Falih, Minister of Energy, Industry & Mineral Resources of Saudi Arabia and Head of its Delegation.

The Conference congratulated HE Ing. Carlos Pérez, the new Minister of Hydrocarbons of Ecuador; HE Pascal Houangni Ambouroue, on his appointment as Gabon’s Minister of Petroleum and Hydrocarbons; HE Issam A. Almarzooq on his appointment as Kuwait’s Minister of Oil and Minister of Electricity & Water; and HE Dr. Nelson P. Martínez on his appointment as the People's Minister of Petroleum of Venezuela.  The Conference wished them every success in their new positions.

The Conference thanked their predecessors in office, HE José Icaza Romero from Ecuador; HE Etienne Dieudonné Ngoubou, who oversaw Gabon’s return to the Organization; HE Anas Khaled Al-Saleh, who was Acting Minister of Oil for Kuwait; and HE Eng. Eulogio Del Pino, from Venezuela who played an important role in helping OPEC and non-OPEC nations reach last year’s historic decisions.  The Conference extended their deep appreciation for the contribution each had made to the work of the Organization.

The Conference considered Equatorial Guinea’s request to join the Organization and decided to approve its admission with immediate effect.

The Conference considered the Secretary General’s report, the report and recommendations made by the Joint Ministerial Monitoring Committee (JMMC), supported by the Joint Technical Committee (JTC), which was set-up to monitor conformity to the voluntary production adjustments made by 13 OPEC and 11 non-OPEC nations at the 171st Ministerial Conference in Vienna on 30 November 2016, and the Declaration of Cooperation between OPEC and non-OPEC producers in Vienna on 10 December 2016, the report of the Economic Commission Board, as well as various administrative matters.

The Conference analyzed oil market developments since it last met in Vienna at the end of November and reviewed the oil market outlook for the remainder of 2017.

In line with the decision taken at its 171st Meeting, the Conference decided to extend its production adjustments for a further period of nine months, with effect from 1 July 2017.

Member Countries, in agreeing to this decision, confirmed their commitment to a stable and balanced oil market, with prices at levels that are suitable for both producers and consumers.

The Conference thanked all OPEC Member Countries for their commitment, as reflected in the unprecedented conformity levels to the decision taken at the 171st OPEC Ministerial Conference. The Conference reaffirmed their commitment, individually and collectively, to the decision to extend their production adjustments for a further nine-month period.

The Conference asked the JMMC and the JTC to continue their important work for the period of the extension of the Declaration of Cooperation.  It expressed its deep appreciation to the commitment and valued contribution of the JMMC and the JTC that have provided the transparency required to implement the decisions taken last year in a timely and equitable manner.  In this regard, specific thanks were given to HE Issam A. Almarzooq, as Chair of the JMMC, and Mr Haitham Al-Ghais, Market Research Manager at Kuwait Petroleum Corporation, who has served as Chair of the JTC.

The Conference agreed on expanding the mandate of the JMMC to continue to monitor conformity, evaluate market developments and make appropriate recommendations, if deemed necessary. The recommendations of the JTC to the JMMC will also be considered in OPEC’s Economic Commission Board, before submission to the OPEC Ministerial Conference. Furthermore, the JTC, supported by the OPEC Secretariat, will continue to provide its monthly technical assistance to the Bodies of the Declaration of Cooperation.

The Conference also acknowledged the crucial role played by the participating non-OPEC nations in the Declaration of Cooperation, and welcomed the positive dialogue and technical expert interactions that have evolved among all Parties. It stressed the importance of the 2nd OPEC and non-OPEC Ministerial Meeting that would take place later in the afternoon of 25 May 2017 at the OPEC Secretariat.

The Conference decided that its next Ordinary Meeting will convene in Vienna, Austria, on 30 November 2017.

Finally, the Conference expressed its continued sincere gratitude to the Government and to the people of the Republic of Austria, as well as the authorities of the City of Vienna, for their warm hospitality and excellent arrangements made for the Conference Meeting.

HE Khalid A. Al-Falih, Saudi Arabia's Minister of Energy, Industry and Mineral Resources, and President of the OPEC Conference

HE Khalid A. Al-Falih, Saudi Arabia's Minister of Energy, Industry and Mineral Resources, and President of the OPEC Conference

Group photo of OPEC officials taken at the OPEC Secretariat in Vienna

Group photo of OPEC officials taken at the OPEC Secretariat in Vienna