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21

OPEC bulletin 5–7/17

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

had been created as a result of the December meeting.

The JMMC and JTC continuously examined oil market

data and production levels, and in so doing, “informed,

guided and enhanced the work” of the signatories, said

the Conference President.

A day earlier, on May 24, the JMMC had convened

in Vienna for its third meeting. Basing its deliberations

on the

Report of the Joint OPEC/non-OPEC Technical

Committee (JTC) for the month of April 2017,

JMMC dele-

gates stated that participating producing countries had

shown “steady and convincing progress” towards full

conformity with their respective adjustments in produc-

tion, and recommended the nine-month extension.

In the course of the meeting, delegates also

expressed gratitude for the contributions of Issam A

Almarzooq of Kuwait, Chair of the JMMC, and Alexander

Novak of the Russian Federation, who served as its

co-chair. The two Ministers will continue to serve in their

respective roles following the decision to extend theman-

date of the JMMC and the JTC. Over the months since the

December decision, both bodies have provided valuable

support and input, and have ensured the transparency

required for the timely implementation of the decisions

taken last year.

Monitoring bodies continue their work

The JMMC stated that it would continue monitoring con-

formity levels, as well as market conditions, and would

leave the possibility open to recommend, if necessary,

further adjustment actions. Its next meeting will be held

in the Russian Federation in July.

The JTC, with ongoing support from the OPEC

Secretariat, will continue to provide monthly tech-

nical assistance to the bodies of the ‘Declaration of

Cooperation’ — reaffirming the overall commitment of

OPEC and participating non-OPEC countries to the pro-

cess of cooperation.

At the conclusion of the 2

nd

Ministerial Meeting, the

Parties agreed to continue regularly reviewing the sta-

tus of their cooperation at the technical and ministerial

levels. They also further agreed to continue strength-

ening their cooperation by, for example, facilitating the

exchange of joint analyses and outlooks — with the

overall aim of ensuring a sustainable oil market for the

benefit of producers, consumers, the industry and the

global economy.

As the President of the Conference said at the start

of the 2nd OPEC and non-OPEC Producing Countries’

Ministerial Meeting, all Parties are “determined to

deepen the institutionalization of the framework for coop-

eration between OPEC and non-OPEC countries.” This can

help to improve the future adaptation of producing coun-

tries to market cycles, he said.

“The oil industry is cyclical by nature,” he added. “But

with regular interactions at both the policy and technical

levels, and by working together toward common goals,

we can help promote healthy markets.”

Salim Al Aufi,

Undersecretary at

the Ministry of Oil

and Gas, Oman.

Alexander Novak,

Minister of Energy,

Russian Federation.