C o n f e r e n c e N o t e s
Russian Energy Minister
lso addressing the Committee, Alexander Novak,
Minister of Energy of the Russian Federation, said
through his interpreter that in less than a week, the third
month of OPEC and non-OPEC countries’ joint efforts to
stabilize the situation on international oil markets would
come to a close.
“Now we can speak about the interim results of the
decisions reached in Vienna and their prospects for the
future,” he affirmed.
Novak pointed out that the active interaction
between the countries participating in the arrange-
ment and the partnership formed within the JTC, in
addition to the continuous analysis of the unfolding
situation, had allowed the Members to pinpoint a
number of factors that were crucial to the success of
the decisions taken and that must be discussed by
He maintained that the meetings of the JMMC served
as a tool to provide participating countries of the Vienna
decisions a means to promptly and completely fulfill
“Our efforts are a crucial factor in restoring the
healthy balance between supply and demand on oil
markets, maintaining the sector’s long-term investment
attractiveness, restoring market stability and counter-
acting the work of speculators,” he said.
“We have our minds set toward serious and efficient
work within the JMMC, in order to achieve this important
goal,” he observed.
Also quoted by news services, the Russian Minister
announced that his country was satisfied that OPEC and
non-OPEC countries were committed to sticking to their
global deal to adjust oil output.
He confirmed that compliance with the adjustment
in output stood at 94 per cent in February, adding that
Russia was committed to an adjustment of 300,000 b/d
by the end of April.
Novak added that he expected global oil stockpiles
to decrease in the second quarter of the year.
Courtesy call on Emir of Kuwait
eanwhile, the JMMC, led by its Chairman, Issam
A Almarzooq, paid a courtesy call on the Emir of
Kuwait, HH Sheikh Sabah Al Ahmad Al Sabah to thank
him and his government for the support and guidance
given OPEC in the run up to the historic decisions made
in November and December 2016. The members also
pledged their commitment to the full and timely imple-
mentation of the decisions.
The Emir welcomed the delegation and thanked
the members for honouring the State of Kuwait with the
responsibility of the Chairmanship of the JMMC and for
hosting its second meeting.
Pictured during the visit to the Emir of Kuwait, HH Sheikh Sabah Al Ahmad Al Sabah (c), are (l–r): Mohammed Hamad Al Rumhy, Minister of Oil and Gas,
Oman; Noureddine Boutarfa, Minister of Energy, Algeria; Issam A Almarzooq, Minister of Oil and Minister of Electricity & Water, Kuwait; Mohammad
Sanusi Barkindo, OPEC Secretary General; Alexander Novak, Minister of Energy, Russian Federation; Suhail Mohamed Al Mazrouei, Minister of Energy,
United Arab Emirates; Dr Nelson Martinez, People’s Minister of Petroleum, Venezuela; Jabbar Ali Hussein Al-Luiebi, Minister of Oil, Iraq.
OPEC bulletin 3–4/17