C o n f e r e n c e N o t e s
JMMC Chairman: market on road to
The Chairman of the JMMC, Issam A Almarzooq,
who is also Kuwait’s Minister of Oil and Minister
of Electricity and Water, thanked the JTC for its
efforts and asked the Committee to keep up its
He stated that the oil market situation had
markedly improved since the last meeting of
the JMMC in St Petersburg in July, and that the
market seemed to be well on the way to rebal-
ancing. This was due to both the accelerated
destocking process in recent months and rising
demand, according to Almarzooq, as well as a
slight deceleration in expected 2018 non-OPEC
The most recent data for August 2017
showed that OECD commercial oil inventories
were around 170 million barrels above the five-
year average, compared with 340m b at the
beginning of the year.
The hurricanes which struck the US Gulf
Coast had some short-term repercussions on
rising US stock levels, he stated. The market
structure has also distinctly changed over the
past fewmonths, starting with a narrowing con-
tango, which, shortly before the meeting, had
flipped into backwardation.
He added that despite these improvements,
participating countries to the ‘Declaration of
Cooperation’ should not be complacent, but
continue to focus on reaching unprecedented
high conformity levels and lowering inventories
to return sustainable stability to the market.
Alexander Novak, Co-Chairman of the
JMMC, and Russia’s Minister of Energy.
Issam A Almarzooq, Chairman of the JMMC, and Kuwait’s Minister of Oil and Minister of
Electricity and Water.