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11

OPEC bulletin 12/17–1/18

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

I

t was clear among delegates attending the 3

rd

OPEC

and non-OPEC Ministerial Meeting that the period

since the 2

nd

Ministerial Meeting at the end of May

2017 had seen optimism return to the global oil mar-

ket. There was an acknowledgment that the rebalancing

had accelerated in recent months, fundamentals were

at their strongest in a number of years, a sustainable

stability was slowly returning, and the ‘Declaration of

Cooperation’ had proven to be a key factor in the posi-

tive market realignment.

There was also much talk of the approaching one-

year anniversary of the ‘Declaration of Cooperation’,

with an anniversary dinner held at the impressive Palais

Niederösterreich the previous evening. This was refer-

enced in the opening address of the OPEC Conference

President, Khalid A Al-Falih, who thanked all participants,

both from OPEC and non-OPEC, for their active and pro-

ductive engagement over the past year.

The Conference President expressed a special appre-

ciation to his co-Chair, Novak, “whose leadership has

been instrumental in launching this partnership between

OPEC and non-OPEC and achieving the many important

successes we have enjoyed to date.” He also recognized

the collective efforts of the Joint Ministerial Monitoring

Committee (JMMC) under the able leadership of Issam A

Almarzooq, Minister of Oil and Minister of Electricity and

Water of Kuwait, and Novak.

This was reciprocated by Novak in his opening

address in which he praised the leadership qualities of

Al-Falih, who “has consistently gone above and beyond

to help rebalance the market,” gave thanks to the great

work of Almarzooq on the JMMC, and acknowledged the

diligence of “our good friend” the Secretary General “who

has given all of himself to our common task.”

In addition, both Al-Falih and Novak said they

were pleased to see many other non-OPEC produc-

ing countries present as observers. Alongside the ten

non-OPEC producers that are part of the ‘Declaration of

Cooperation’, themeeting welcomed Chad, Congo, Egypt,

Turkmenistan, Uganda and Uzbekistan, as well as the

African Petroleum Producers Association.

One year ago

Al-Falih recalled sitting in the same conference room

almost one year ago, “piecing together what has become

known as the ‘Declaration of Cooperation’, which has

helped the industry recover from one of the worst petro-

leummarket cycles we have experienced in recent history.

Parviz Shahbazov

, Minister of Industry and Energy, Azerbaijan.

Dr Ahmed Al-Sharyan, General Secretary, National Oil and Gas Authority, Bahrain.

Pehin Dato Seri Setia (Dr) Awg Haji Mohammad Yasmin Bin Haji Umar, Minister of

Energy and Industry at the Prime Minister’s Office, Brunei Darussalam.

Azerbaijan

Bahrain

Brunei Darussalam