Remarks by the OPEC President

Delivered by HE Manuel Salvador Quevedo Fernandez, Venezuela’s People's Minister of Petroleum and President of the OPEC Conference 2019, at the 17^th Meeting of the Joint Ministerial Monitoring Committee (JMMC), 5 December 2019, Vienna, Austria.

Mr. Chairman, Excellencies, distinguished delegates,

I would like to welcome you all back to Vienna, the home city of OPEC, for the 17^th Joint Ministerial Monitoring Committee (JMMC).

I would like to begin be saying that it was with the deepest sadness that OPEC learnt of the passing of one of the Organization’s and the petroleum industry’s most esteemed and learned leaders, Dr. Fadhil J. Chalabi. The OPEC Secretariat extends its deepest and heartfelt condolences to the family of Dr. Chalabi.

May he rest in peace.

Looking around this room I think it also apt to offer some inspirational words from HE Hugo Chávez Frías, our revered former President of Venezuela, whose enduring legacy for both my country, and indeed for OPEC, continues to this day.

HE Chávez once said:

“Mutual respect! That's what it takes to be friends.”

It is a simple statement. But succinct and to the point. It is also extremely apt for all the producing countries that are part of the historic ‘Declaration of Cooperation’ that has done so much to return balance and sustainable stability to the oil market.

Serving on this distinguished committee, as OPEC Conference President in 2019, and in my talks with ministers and delegates from countries in the ‘Declaration of Cooperation’, I feel mutual respect in everything we do.  It is the overarching cog that keeps us all committed and driving in the same direction.

This was also clearly evident in early July this year, when our 24 countries endorsed the ‘Charter of Cooperation’; a longer term framework that will help us further evolve our landmark cooperation.

A central figure in the spirit of our cooperation has been HE Alexander Novak, Minister of Energy of the Russian Federation. From the very beginning, his help in steering the JMMC to focus on the core objectives of the ‘Declaration of Cooperation’ – a balanced oil market and sustainable stability, in the interests of both producers and consumers – has been the backbone of the work we have undertaken.

At the previous meeting of the JMMC in Abu Dhabi, adeptly and graciously hosted by our good friend and colleague, HE Suhail Mohamed Al Mazrouei, the UAE’s Minister of Energy and Industry, HE Novak was joined as co-chair by a man renowned industry-wide for his integrity, humility and professionalism, His Royal Highness Prince Abdul Aziz Bin Salman.

His consummate diplomacy and his knowledge as an industry leader have been extremely welcome on this Committee.

The teamwork, flexibility and dedication of everyone involved in the almost three years of the ‘Declaration of Cooperation’ should be widely lauded.

Every country, every minister, every delegate, the vital and supportive Joint Technical Committee and the OPEC Secretariat, skilfully led by Mohammad Sanusi Barkindo, OPEC Secretary General.  The bonds that keep us together are strong.

This comradeship can be viewed in the high-levels of conformity to the voluntary production adjustments since the last Ministerial Meetings in July this year.

 It is important to stress, however, that individual conformity levels need to be met. Cohesion and its practical demonstration are the true keys to our success, be it conformity levels or more broadly acting in unison.

This strength will be vital as we approach 2020, and today we will review the outlook for the global economy, and oil supply and demand for the upcoming year.

What we deliberate, and our recommendations, will play into the calculations that will be presented to the ministerial meetings thereafter, as we look to chart a course that for 2020.

Mr. Chairman, Excellencies, distinguished delegates,

It has been honour to serve on this committee in 2019 as OPEC Conference President.

It has been a humbling experience to represent this great Organization, to push the historic cooperation between our 24 countries, and to help foster and institutionalize this cooperation for years to come.  I hope that I have been able to do this with respect to the underlying principles of equity, fairness and transparency.

But I realize there still remains work to do. 

In looking to the upcoming meetings, let me conclude by saying that as partners in the ‘Declaration of Cooperation’ we always take a very measured approach – we look at the market outlook, we listen to consumers and other stakeholders, and I assure you that we are focused on the interests of the global economy.

With much mutual respect, thank you.