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The members of the JTC held

their 11


meeting in Muscat,



OPEC bulletin 2/18

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

had created a pessimistic atmosphere were beginning to

clear; investments began to return to the oil industry.

How had this remarkable transformation in fortunes

come about?

Hard work, sacrifice and team spirit

Participating countries knew that the ‘Declaration of

Cooperation’ was not a short-term fix but rather a re-

assertion of the maxim that we are always stronger

together and that challenges can be surmounted by work-

ing as a team. Conformity levels have been the ultimate

demonstration of this truism, increasing on a monthly

basis, from 87 per cent in January 2017 to the outstand-

ing current level. In the words of the Chairman of the

JMMC, Khalid A Al-Falih, Saudi Arabia’sMinister of Energy,

Industry andMineral Resources, “it is this conformitywhich

was the bedrock of our success as a group in 2017.”

In implementing their voluntary production adjust-

ments, participating countries have shown self-sacrifice

and dedication. The medicine has been bitter, but the

patient desperately required it. The medicine has also

been extremely effective; to quote the Chairman once

more: “Improved market stability and strength is appar-

ent, which is underpinning more broadly an improving

global economy as well as resulting in a return of invest-

ment flows into future supply, crucial for not only meeting

growth in oil demand but also offsetting natural declines

in several producing regions.”

New Chairman

This 7


Meeting of the JMMC was Minister Al-Falih’s first

in his new capacity as Chairman of the JMMC. TheMinister

is set to continue the stellar work he did as President

of the OPEC Conference last year. Minister Al-Falih paid

tribute to his predecessor, Issam A Almarzooq, the for-

mer Minister of Oil and Minister of Electricity and Water

of Kuwait, who did such an outstanding job as JMMC

Chairman in 2017. Alexander Novak, the Minister of

Energy of the Russian Federation, will continue his role

as co-chairman of the Committee. Al-Falih said: “I am

particularly pleased that my partner Alexander Novak

will remain as a co-Chair in the year ahead.” Kuwait’s