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OPEC bulletin 12/17–1/18

1 7 3

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M e e t i n g o f t h e C o n f e r e n c e & 3

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O P E C n o n - O P E C M i n i s t e r i a l M e e t i n g

“The ‘Declaration of Cooperation’ was a landmark

achievement in itself, and many thought that it would not

materialize — and that if it did, it would not be effective

in improving market conditions.

“As you know, the agreement was designed to accel-

erate market rebalancing, hasten the drawdown of the

stock overhang, and enhance market stability. The results

of our joint efforts are evident — and the numbers speak

for themselves.” He stressed that the coming together of

OPEC and non-OPEC producers has made the “extraordi-

nary difference.”

There is now global recognition, he said, “that with-

out our collaborative action, the market would have con-

tinued to exhibit extreme volatility and future uncertainty,

with far-reaching negative consequences for producers,

consumers, investors, the industry, and the global econ-

omy at large.”

Moreover, positive economic developments, robust

oil demand growth, and the distinct improvement in both

fundamentals and overall market sentiment “show that

we are heading in the right direction.” However, offering

a note of caution, he stressed that “we are still not where

we want to be in terms of inventories reaching their tar-

get levels, and we must remain resolutely focused on this

task. That is why we are here today.”

He added that to “ensure that our hard-earned

improvements are not compromised, we must continue

to work in unison.”

Novak, in his opening address, also made reference

to the past year and the successful implementation of the

‘Declaration of Cooperation’, which continues to have a

strong and positive impact on the market. He added that

it is truly a unique endeavour and “the success that we

were able to reach jointly would have been impossible

without the work of every single minister sitting around

the table in this room.”

Looking ahead, he said that “in order to reach our

goals and fulfil our tasks” related to the market rebalanc-

ing, “we must continue to act in a coordinated fashion.”

He added that “both consumers and producers are wait-

ing for what we announce today. Everyone is interested in

the health and sustainable development of global energy

markets, and of course, the global economy.”

A positive outcome

The 3


Ministerial Meeting carefully considered the 6


report and the recommendations of the JMMC, which

Magzum Mirzagaliyev, Vice-Minister of Energy, Kazakhstan.

Datuk Abdul Rahman Dhalan, Minister in the Prime Minister’s Office, Malaysia.

Dr Aldo Flores-Quiroga, Deputy Secretary of Energy for Hydrocarbons.