OPEC bulletin 12/17–1/18
C o n f e r e n c e N o t e s
t was clear among delegates attending the 3
and non-OPEC Ministerial Meeting that the period
since the 2
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.