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OPEC bulletin 11/17

Jabbar Ali Hussein Al-Luiebi

Minister of Oil, Iraq

How important has the ‘Declaration of

Cooperation’ and the ongoing market

rebalancing been to Iraq?

There is no doubt that the direction

towards a balanced market would not

have been reached without the efforts

exerted and the evidenced cooperation

amongst all OPEC and non-OPEC coun-

tries in building the necessary consen-

sus for such a great achievement.

Iraq has already given its full sup-

port to the ‘Declaration of Cooperation’

as we do realize its importance in

adjusting the market indicators for a fair

market price for both consumers and


While the short-term oil market chal-

lenges are evidently in everyone’s

sights, how important is the ‘Declaration

of Cooperation’ to medium- and long-

term oil market prospects?

We are confident that the ‘Declaration

of Cooperation’ has already set the

ground for the medium- and long-term

by highlighting the great responsibility of most mar-

ket participants to correct the path when it goes out of

healthy ranges.

Without the ‘Declaration of Cooperation’ taken by 24 pro-

ducing nations, what might the oil market and the global

economy look like?

Without the ‘Declaration of Cooperation’, the market and

the global economy were deteriorating and there was

no room to even delay it. Not only were oil prices head-

ing down but the accumulation of uncertainties had set

investments and major economic indicators back.

How do you view oil market prospects for 2018?

We see better improvements in market fundamentals in

terms of a noticeable rebound in demand. However, US

oil production is still in need of being closely monitored

as it will still hold the bulk of the effect on the supply side.

Therefore, the cooperation between OPEC and non-OPEC

suppliers should continue as a suitable means to take

action when needed.

How important is it to institutionalize a framework for

cooperation between OPEC and non-OPEC producing

countries on a regular and sustainable basis?

The institutionalization of a framework of cooperation

between OPEC and non-OPEC producing countries is an

important part of efforts to strengthen their collabora-

tion and ensuring the continuity of this mutual effort

towards achieving the main target of rebalancing the

oil market.

Jabbar Ali Hussein Al-Luiebi.