OPEC bulletin 10/17
C o n f e r e n c e N o t e s
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
since the Declaration came into effect at the beginning of
2017. This underscores the commitment of participants
to work together in rebalancing the global oil market for
the benefit of producers, consumers and investors alike.
The JMMC, established following OPEC’s 171
Ministerial Conference decision and the subsequent
‘Declaration of Cooperation’, based its information on the
August 2017 report of the Joint OPEC-non-OPEC Technical
At its meeting, the JMMC welcomed
the participation of Iraq, Libya and Nigeria,
and the reaffirmation of their commitment
to work closely with other participating
producing countries to ensure the success
of the ‘Declaration of Cooperation’.
Conference President satisfied
Khalid A Al-Falih, Minister of Energy,
Industry and Mineral Resources of the
Kingdom of Saudi Arabia and President
of the OPEC Conference, took part in the
meeting by telephone. He reiterated his
country’s commitment to the success of
the ‘Declaration of Cooperation’.
Overall, the JMMC expressed sat-
isfaction with overall conformity levels
and again emphasized that all countries
should focus on reaching or exceeding
100 per cent conformity.
The JMMC also recommended that
the JTC continue building on the progress
made at its extraordinary session held in
Abu Dhabi on August 8, to support par-
ticipating countries in their efforts towards achieving full
conformity with the ‘Declaration of Cooperation’.
Data shows that oil demand growth is expected to
be strong in the second half of 2017, by up to 2 million
barrels/day, which is expected to support the drawdown
of excess barrels in storage. Commercial oil stocks both
onshore and offshore saw significant drops and were
reported to be on a declining trend at the time of the
Khalid A Al-Falih, Minister of Energy, Industry and Mineral Resources of the Kingdom
of Saudi Arabia and President of the OPEC Conference.