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15

OPEC bulletin 2/18

Cooperation’ in 2017 and lauded the unprecedented high

levels of conformity with the voluntary production adjust-

ments, which averaged above 100 per cent throughout

the year.

HH Sheikh Sabah praised all 24 participating coun-

tries, both OPEC and non-OPEC, for their joint efforts

towards restoring much needed oil market stability, add-

ing that their collective determination and collaborative

spirit were at the heart of the success achieved thus far.

HH Sabah added that all participating countries

and the global industry have benefited from the posi-

tive outcome and the response of the oil market to the

‘Declaration of Cooperation’. Furthermore, he encouraged

participating countries to stay the course until the com-

mon objective of returning OECD inventories to the five-

year average is achieved. This, he added, would ensure

that the supply-demand balance is restored, paving the

way for further investment in the industry.

His Highness concluded by commending OPEC and

its Secretary General for successfully steering the affairs

of the Organization during a difficult time.

Meetings with Ministry officials

Afterwards, discussions continued with Deputy Prime

Minister and Minister of State for Cabinet Affairs, Anas

Khalid Al-Saleh. Topics covered the current oil market out-

look and the ongoing implementation of the ‘Declaration

of Cooperation’.

Earlier in the day, the Secretary General met bilater-

ally with Kuwait’s newly appointed Minister of Oil and

Minister of Electricity and Water, to discuss prepara-

tions for the 7

th

Meeting of the JMMC, which was held

in Muscat, the Sultanate of Oman, on January 21, 2018.

Other points on the agenda included the status of imple-

mentation, as well as the role of the JMMC in overseeing

conformity levels. They also reviewed the response of the

market to the ‘Declaration of Cooperation’s’ implemen-

tation and prospects for 2018.

Kuwait will continue to serve as a member of the

JMMC in 2018. Also present at the meeting was Kuwait’s

Governor to OPEC, Haitham Al-Ghais, who previously

served as Chairman of the Joint Technical Committee.

The Minister pledged to continue Kuwait’s valuable

role a consensus builder within OPEC, reflecting not only

its status as a Founding Member of the Organization, but

also its commitment to OPEC’s cohesion as a group and

with its non-OPEC partners.

The day concluded with OPEC officials delivering

a presentation to the Minister and other senior offi-

cials from the Ministry of Oil on the implementation of

the ‘Declaration of Cooperation’ and the latest market

situation.

Meeting with KPC

On January 17, 2018, the Secretary General and the

accompanying delegation met with management of the

Kuwait Petroleum Corporation, Kuwait’s national oil com-

pany. OPEC officials presented on the current market sit-

uation and the impact of the ‘Declaration of Cooperation’

was having on the oil market.

Later in the day, the Secretary General held a joint

press conference with Minister Al-Rashidi and gave press

interviews to a number of local media outlets.

Bakheet S Al-Rashidi (r), Kuwait’s Minister of

Oil & Minister of Electricity & Water; presents

a gift to Mohammad Sanusi Barkindo, OPEC

Secretary General.

Joint Press Conference

by Bakheet S

Al-Rashidi (l), Kuwait’s

Minister of Oil &

Minister of Electricity

& Water; and

Mohammad Sanusi

Barkindo (c), OPEC

Secretary General; with

Haitham Al-Ghais (r),

Kuwait’s Governor for

OPEC.