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20

OPEC bulletin 5–7/17

C o n f e r e n c e N o t e s

1 7 2

n d

M e e t i n g o f t h e C o n f e r e n c e

addition to new member Equatorial Guinea, one of the

original non-OPEC signatories of the Declaration — had

met earlier in the day, before the start of the 2

nd

OPEC

and non-OPEC Producing Countries’ Ministerial Meeting,

at the 172

nd

Meeting of the OPEC Conference. There del-

egates had taken into account current oil market condi-

tions, analysed oil market developments since the last

OPEC Conference in November, reviewed the oil market

outlook for the remainder of 2017, and considered the

reasons for an extension of the production adjustment.

The participating non-OPEC Parties were Azerbaijan,

the Kingdomof Bahrain, Brunei Darussalam, Kazakhstan,

Malaysia, Mexico, the Sultanate of Oman, the Russian

Federation, the Republic of Sudan and the Republic of

South Sudan.

Exceptional opportunity

At the opening, the Conference President said the meet-

ing was “an exceptional opportunity to further strengthen

the foundation of cooperation between both OPEC and

non-OPEC [countries].” It was a chance “to build more

robust mechanisms to collaborate for the benefit of all.”

The cooperative spirit that characterized delibera-

tions at the meeting seemed to bear this out. And after

some discussion, all Parties attending the 2

nd

OPEC and

non-OPEC Producing Countries’ Ministerial Meeting rec-

ognized the need for continuing cooperation among oil

exporting countries in order to achieve lasting stability in

the oil market — and decided to extend the production

adjustment, which originally started January 1, 2017, for

a further period of nine months, beginning July 1, 2017.

In announcing their decision, the 14 OPEC Member

Countries and ten participating non-OPEC producing

countries underscored the importance of continuing

efforts to help stabilize the oil market in the interest of all

oil producers and consumers, and reaffirmed their com-

mitment, individually and collectively, to the decision.

It was noted that the commitment of all 24 countries

to the voluntary adjustment decision was clearly evi-

dent from the unprecedented conformity levels reached

by the date of the meeting. These had been monitored

by the Joint Ministerial Monitoring Committee (JMMC)

and the Joint Technical Committee (JTC), both of which

Kanat

Bozumbayev,

Minister

of Energy,

Kazakhstan.

Datuk Seri Abdul

Rahman Dahlan,

Minister in the

Prime Minister’s

Department, Minister

in charge of Oil &

Gas, Malaysia.

Dr Aldo Flores-

Quiroga, Deputy

Secretary of Energy

for Hydrocarbons,

Mexico.