Remarks by OPEC Secretary General

Delivered by HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the 10th Meeting of the Joint Ministerial Monitoring Committee (JMMC), 23 September 2018, Algiers, Algeria.

Mr. Chairman, Excellencies, distinguished delegates,

Allow me to lend my voice to these wise reflections of the Honourable Ministers and add a just few brief remarks of my own.

It is a distinct pleasure to be back here in Algeria, the Pearl of Africa, and in this extraordinary capital city of Algiers, to commemorate the 2nd Anniversary of the landmark Algiers Accord.

Being back here in this magnificent city brings back so many memories of our extensive efforts in 2016 to restore stability in the global oil market that had rapidly sunk into a deep decline. Indeed, the industry had not seen such a downward spiral in decades.

Thanks to these courageous efforts and an unprecedented cooperation that transcended borders, there will be a chapter in the history books of this industry that will have a title such as: “The Algiers Accord—the turning point towards a new era of cooperation in the international oil industry.”

May I also request that you pause for a moment and reflect on the additional reasons for which we are here. Yesterday, we held the 20th Meeting of the JTC, a key milestone. Today we are holding the 10th Meeting of the JMMC, a major milestone, and let us not forget the 10th anniversary of our Conference in Oran, where OPEC proactively rose to the grave challenges presented by the global financial crisis. Algeria, and indeed Algiers, has become the “city of turning points” for our industry.

And indeed, this afternoon, we will have the pleasure of commemorating these defining moments in our industry. What better place for this to occur than here in Algiers, where it all started in 2016.

We also look forward to paying a much-deserved special tribute to His Excellency, President Abdelaziz Bouteflika, looking back at the influential role he has played as a key leader in our industry for decades, with the latest of these achievements being that of the Declaration of Cooperation.

Mr. Chairman, excellencies, delegates, ladies and gentlemen,

As part of our quest as a centre of excellence, we continue to promote information exchange and open dialogue regarding oil market developments and analysis.

This afternoon, we will officially launch the 2018 version of the World Oil Outlook, which is the 12th edition of this flagship publication, and I invite all of you to attend this special occasion.

It is gratifying to note that, over the years, our World Oil Outlook has come to be valued as one of the most sought-after reference materials for policymakers, corporate decision makers, analysts, the media and the general public.

Transparency of data is and always has been of utmost importance for OPEC. In this regard, mobile Apps are now available for the World Oil Outlook, the Annual Statistical Bulletin and the Monthly Oil Market Report, providing access to a vast amount of oil market data from 1960 to the present online and free of charge to all.

I might add here that this transparency extends to everything we do as an Organization. As such, it should be evident that OPEC is neither a monopoly, nor a cartel, but a responsible global platform that consistently strives to maintain stability in the oil markets, in the interests of both producers and consumers. We have a vested, mutual interest in the healthy growth of the global economy.

In conclusion, this OPEC-Non-OPEC cooperation will continue to enhance dialogue and build bridges across the industry. It will work hard to ensure a sustainable stability in the global oil market, enabling steady and lasting economic growth across consuming and producing countries.

From the beginning, OPEC Member Countries have endeavoured to meet their customers’ needs in a reliable and secure manner. We continue to have open and inclusive dialogue with all major stakeholders, including consumers, in an effort to consider common issues of concern regarding market stability. And this feedback, naturally, factors into any decision taken by OPEC, and more recently, by our Non-OPEC friends as well.

Thank you for your kind attention.

HE Mohammad Sanusi Barkindo, OPEC Secretary General (l); and HE Khalid A. Al-Falih, Saudi Arabia's Minister of Energy, Industry and Mineral Resources; and Chairman of the JMMC

HE Mohammad Sanusi Barkindo, OPEC Secretary General (l); and HE Khalid A. Al-Falih, Saudi Arabia's Minister of Energy, Industry and Mineral Resources; and Chairman of the JMMC