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THE 10TH MEETING OF JOINT MINISTERIAL MONITORING COMMITTEE OF OPEC AND NOT OPEC COUNTRIES HAS TAKEN PLACE IN ALGERIA. September 26, 2018

THE 10TH MEETING OF JOINT MINISTERIAL MONITORING COMMITTEE OF OPEC AND NOT OPEC COUNTRIES HAS TAKEN PLACE IN ALGERIA.

Under the chairmanship of the Minister of Energy of the Russian Federation Alexander Novak, the 10th meeting of the Joint Ministerial Monitoring Committee of the OPEC countries and not OPEC was held. 

The Ministerial Committee reviewed the report of the Joint Technical Committee for the last month, as well as the short-term forecast for the development of the world oil market, including the prospects for its development in 2019.

The meeting coincided with the second anniversary of the 170th emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC) Conference, which opened the way for the signing of the Declaration of Cooperation in December 2016. The meeting in Algiers brought together representatives of 18 countries that signed the Declaration on Cooperation, thereby reaffirming their commitment to ensuring the stability and stability of the oil market.

The Ministerial Committee noted that despite growing uncertainty about the dynamics of the main market indicators, including the indicators of economic growth, supply and demand, the countries that joined the Declaration of Cooperation continue to strive to ensure the balance and stability of the world oil market in the interests of consumers, producers, industry and the world economy generally. The Committee also expressed satisfaction with the current forecast for the development of the oil market, noting the relative equilibrium of supply and demand.

At the meeting of Ministerial committee it has been noted that in August, 2018 the level of execution of the Declaration on cooperation by the participating countries was 129% against 109% in July, 2018 that demonstrates achievement of notable motions in the light of decisions on adjustment of level of execution of the arrangement up to 100% accepted on June 22, 2018 following the results of the 174th meeting of the Conference of OPEC and on June 23, 2018 during the 4th meeting of Ministerial committee on monitoring of execution of the arrangement on reduction of oil production of the countries of OPEC and not OPEC

The Committee expressed general satisfaction with the results of the countries participating in the agreement since the conclusion of the agreement in Vienna, and also noted the efforts that were required to adjust the level of transaction execution to 100%. In addition, the Committee appealed to countries with unrealized potential for oil production, in cooperation with oil buyers to ensure their demand is satisfied before the end of 2018.

The Ministerial Committee instructed STK to continue monitoring the situation on the oil market and the level of implementation of the Declaration of Cooperation in light of the goal of implementing the agreement by 100%, and to study the forecast for 2019 and submit proposals for determining the volume of oil production, which would avoid the market losing equilibrium in next year.

The Ministerial Committee expressed particular gratitude to the President of the Republic of Algeria Abdelaziz Bouteflika for his constant support of his country's historic Declaration of Cooperation and contribution to its implementation, and expressed his sincere gratitude for the organization of the meeting at such a high level to the Prime Minister of the Republic of Algeria, Ahmed Ouyahia, to the Minister of Energy Mustapha Gitouni and all those who participated in organizing the meeting with the Algerian side.

The Minister of Energy of the Russian Federation and the co-chairman of the Committee Alexander Novak at a press conference following the meeting noted that all parties to the agreement are interested in achieving one goal and will take all measures to maintain stability in the market.

"The Russian Federation fully supports the decisions and committee statements adopted today. We are also committed to the decisions of June 2017 on the need for 100% implementation of the agreements that were reached in 2016. Today, we note a more healthy situation on the market, a return on investment. Those goals that we set for ourselves are being achieved, "the minister said.

The Ministerial Committee instructed STK to continue monitoring the situation on the oil market and the level of implementation of the Declaration of Cooperation in light of the goal of implementing the agreement by 100%, and to study the forecast for 2019 and submit proposals for determining the volume of oil production, which would avoid the market losing equilibrium in next year.

The Ministerial Committee expressed particular gratitude to the President of the Republic of Algeria Abdelaziz Bouteflika for his constant support of his country's historic Declaration of Cooperation and contribution to its implementation, and expressed his sincere gratitude for the organization of the meeting at such a high level to the Prime Minister of the Republic of Algeria, Ahmad Uyahya, Mustafa Gitouni and all those who participated in organizing the meeting with the Algerian side.

The Minister of Energy of the Russian Federation and the co-chairman of the Committee Alexander Novak at a press conference following the meeting noted that all parties to the agreement are interested in achieving one goal and will take all measures to maintain stability in the market.

"The Russian Federation fully supports the decisions and committee statements adopted today. We are also committed to the decisions of June 2017 on the need for 100% implementation of the agreements that were reached in 2016. Today, we note a more healthy situation on the market, a return on investment. Those goals that we set for ourselves are being achieved," the minister said.

Alexander Novak also added that the work of the parties to the Agreement does not stop there, because there are big uncertainties on a number of directions in the global economic markets. According to him, the ultimate goal of the Agreement's participants is to create conditions for providing consumers with energy in the long term.

"Energy consumption in the world will increase. According to all forecasts, by 2040 the level of its consumption will grow by 40%. Hydrocarbons will remain the dominant energy source, so it is important for us to think about the industry's future, the required investments," the minister stressed.

Alexander Novak also added that the parties to the agreement welcome those countries that would like to join the agreement.

"The world now produces about 100 million barrels per day. The countries entering into the agreement produce about 50 million barrels per day from them. In fact, these countries have assumed responsibility for the existence of the industry and are working both in its interests and in the interests of consumers. We say that our doors are open to those who want to take on this responsibility," concluded Alexander Nowak.

The next meeting of the Ministerial Committee will be held on November 11, 2018 in Abu Dhabi, United Arab Emirates.






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