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Pictured from top to bottom:

JMMC Chairman, Khalid A Al-Falih

(r) with Mohammad Sanusi

Bakindo (l); Co-Chairman of the

JMMC, Alexander Novak; and

President of the OPEC Conference,

Suhail Mohamed Al Mazrouei.

Members of the JMMC answer questions from the media after the Committee’s 7

th

Meeing concluded.

6

OPEC bulletin 2/18

J MM C

7

t h

M e e t i n g o f t h e J o i n t M i n i s t e r i a l M o n i t o r i n g C o m m i t t e e

new Minister of Oil and Minister of Electricity and Water,

Bakheet S Al-Rashidi, was warmly welcomed to the

committee.

Minister Al-Falih acknowledged the pivotal role

that the JMMC played in contributing to the successes

of the ‘Declaration of Cooperation’ in

2017: “The success achieved in the

past year can be put down in no small

part to the remarkable work of this com-

mittee, building on the vital work of the

Joint Technical Committee, the Joint

Ministerial Monitoring Committee has

provided the essential leadership, mon-

itoring framework and signaling to the

market of our determination to succeed.”

Oman: an all-weather friend

Beyond the convening of the JMMC,

the meeting was an opportunity to cel-

ebrate the enduring bonds of friend-

ship between Oman and OPEC. Oman

has been a regular observer at OPEC

Conferences, often joining OPEC’s mar-

ket stabilization efforts. The country

first attended the OPEC Ministerial

Conference as an observer in March

1986, at the 77

th

Extraordinary Meeting

of the Conference in Geneva, as well as

actively supporting the OPEC and non-

OPEC technical meetings since their

inception in the 1980s.

Indeed, 2018 was not the first time

an OPEC-non-OPEC meeting took place

in Oman: on October 4, 2004, Oman

hosted an informal meeting of high level

experts from OPEC and non-OPEC producing countries.

Mohammad Sanusi Barkindo represented his country

Nigeria at that time.

Yet, as the Secretary General said: “The greatest high-

lights in Omani-OPEC relations have occurred in the last

20 years. This is no mere coincidence. This is because of

a very special gentleman, someone who we are honoured

to call our friend — Dr Mohammed bin Hamad Al-Rumhy,

Minister of Oil and Gas of this great country.”

The ‘Declaration of Cooperation’ is only the most

recent entry on a long list of 20 years of collabora-

tion between the Minister and OPEC. He attended his

first OPEC Ministerial Conference as Minister in 1998.

Furthermore, Oman has been one of the highest con-

forming countries with the voluntary adjustments in

production, a further indication of the country’s stead-

fast commitment to sustainable market stability in the

interests of producers, consumers and the global econ-

omy alike.

Record-breaking conformity level

The JMMC also reviewed market developments in

December, a month which saw a record breaking con-

formity level of 129 per cent. Not only did this conclude

an extremely successful year, but started a new one in

the most positive manner imaginable. Indeed, this fur-

ther shows that the oil market fundamentally changed

with the ‘Declaration of Cooperation’. Producers know

that there are limits to what can be achieved by working

in silos; however, there are limitless possibilities to what

can be achieved by working together. The ‘Declaration of

Cooperation’ empowers participating countries to fulfil

the words of the American author Earl Nightingdale, when

he wrote “all you need is the plan, the road map, and the

courage to press on to your destination.”