VIENNA, AUSTRIA – The 4th OPEC and non-OPEC Ministerial Meeting was held in Vienna, Austria, on Saturday, 23 June 2018, under the Co-Chairmanship of OPEC’s President, HE Suhail Mohamed Al Mazrouei, Minister of Energy & Industry of the United Arab Emirates and Head of its Delegation, and His Excellency Alexander Novak, Minister of Energy of the Russian Federation. The Meeting recalled the rights of peoples and nations to permanent sovereignty over their natural wealth and resources.
Reaffirming the continued commitment of the participating producing countries in the ‘Declaration of Cooperation’ (DOC) to a stable market, the mutual interest of producing nations, the efficient, economic, and secure supply to consumers, and a fair return on invested capital, and noting the overall improvement in market conditions and sentiment, and the return of confidence and investment to the oil industry.
Recalling the 171st OPEC Conference Resolution reached on 30 November 2016 for a production adjustment of 1.2 million barrels a day (mb/d) for OPEC Member Countries, with the understanding reached with key non-OPEC participating countries, including The Russian Federation, to contribute a production adjustment of 0.6 mb/d.
Recalling the DOC reached on 10 December 2016; and noting that countries participating in the DOC have exceeded the required level of conformity that had reached 147% in May 2018.
Accordingly, the 4th OPEC and non-OPEC Ministerial Meeting hereby decided that countries will strive to adhere to the overall conformity level, voluntarily adjusted to 100%, as of 1 July 2018 for the remaining duration of the DOC and for the JMMC to monitor the overall conformity level and report back to the OPEC and non-OPEC Ministerial Meeting.
The Meeting extended its deep appreciation to the JMMC, the Joint Technical Committee (JTC) and the OPEC Secretariat for their constructive and effective engagement in providing the openness required in ensuring that the voluntary productions decisions were implemented in a timely and equitable manner.
The Meeting decided that the next OPEC and non-OPEC Ministerial Meeting will convene in Vienna, Austria, on 04 December 2018.
The Meeting expressed its sincere gratitude to the Government and to the people of the Republic of Austria, as well as the authorities of the City of Vienna, for their warm hospitality and excellent arrangements made for the meeting.
SOURCE: news provided by OPEC.ORG