OPEC bulletin 5–7/17
C o n f e r e n c e N o t e s
in order to avoid price spikes and other risks to global
energy security — is critical.
The other key objectives for the OPEC Conference
“include strengthening cooperation between OPEC and
non-OPEC producers, and fostering excellent relations
with international energy institutions to promote greater
understanding of vital issues.”
An extension of the decision
In line with the decision taken at the 171
the OPEC Conference, as well as with the ‘Declaration
of Cooperation’ between OPEC and non-OPEC produc-
ers on December 10, 2016, and based on analytical
reports presented by the OPEC Secretariat, OPEC dele-
gates from all 13 Member Countries decided to extend
the original production adjustment of 1.2m b/d for a
further period of nine months. This was to take effect
on July 1, 2017.
Through this decision, Member Countries not only
displayed unity once again, but also confirmed their
commitment to strive for a stable and balanced oil mar-
ket. The objective of achieving price levels that are suit-
able for both producers and consumers, and for the
sake of the industry and the global economy, continues
to be the overarching goal of OPEC Member Countries.
At various times during the meeting, OPEC delegates
expressed thanks to other Member Countries for their
shared commitment and cooperative spirit, particularly
as it was reflected in the most recent conformity lev-
els to the decision taken at the 171
Conference. These conformity levels, which approached
100 per cent, were seen as unprecedented and were
interpreted as robust, thus providing encouragement to
Delegates also acknowledged the crucial role
played by participating non-OPEC producers through
the ‘Declaration of Cooperation’. They welcomed the
Pascal Houangni Ambouroue, Minister of Petroleum and Hydrocarbons, Gabon.
Eng Bijan Namdar Zanganeh, Minister of Petroleum, IR Iran.