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11 Jan 2017

OPEC Secretary General meets Kuwait’s Emir, Oil Minister and other senior Kuwaiti officials

His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, the Emir of the State of Kuwait, received on January 9, HE Mohammad Sanusi Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), accompanied by HE Issam A. Almarzooq, Kuwait’s Minister of Oil and its Minister of Electricity & Water, at Bayan Palace, Kuwait City.

The Emir commended the OPEC Secretary General on the recent successful meetings the Organization has held among OPEC Member Countries and with non-OPEC nations.  He urged all participating countries to work together toward a strategy for sustainable market stability and to avoid a relapse into the damaging oil market volatility that was witnessed in 2015 and 2016.  The Secretary General paid tribute to the Emir and expressed his gratitude for his personal engagement in reaching out to other Heads of State during the consultation process among producers that took place in the second half of 2016.

Earlier on January 9, the OPEC Secretary General visited HE Almarzooq and other senior Kuwaiti officials.  He congratulated him on his well-deserved appointment as Kuwait’s new Oil Minister, as well its Minister of Electricity & Water.  HE Almarzooq warmly welcomed the OPEC Secretary General and the accompanying OPEC delegation and stated it was an opportune time to meet and take stock of the landmark achievements of 2016 and other recent market developments.

In this regard, the two discussed the ‘Vienna Agreement’ reached by OPEC Member Countries on 30 November 2016 and the ‘Declaration of Cooperation between OPEC and participating non-OPEC oil producing countries’ at a joint Ministerial Meeting on 10 December 2016.  The two men stressed the importance of these recent decisions and underscored the fact that they were both the result of detailed, exhaustive and collaborative cooperation between all parties involved.

The talks also focused on the Joint Ministerial Monitoring Committee (JMMC) that has been tasked with the oversight responsibility for the implementation of the agreements.  The JMMC will be chaired by Kuwait and the OPEC Secretary General said that choosing Kuwait as the Chair reflected on both the country’s respected position and status as a leading player in helping bring about the market stability both producers and consumers desire.

Technical discussions on the JMMC were also held, together with experts from Kuwait and the OPEC delegation, concerning the framework for oversight, the compliance monitoring mechanism and other related issues.  There was acknowledgment that there had already been encouraging signs of commitment from many countries in regard to the implementation of the production adjustments.

The OPEC Secretary General met with HE Anas Khaled Al-Saleh, Kuwait’s Deputy Prime Minister and Minister of Finance, who was Kuwait’s acting Minister of Oil, during the long and challenging consultation process that led to the historic agreements reached at the end of last year.  The OPEC Secretary General thanked him for his efforts to build consensus, his commitment to overcome the situation of excess oil supply and his unwavering dedication to the goals of the Organization.

The following day (January 10), the OPEC Secretary General also visited OAPEC headquarters, where he held discussion with his counterpart HE Abbas Al Naqi, the Secretary General of the OAPEC.  The two underscored the importance of the relationship between the Organizations and stressed the benefits of expanding the cooperation through joint meetings, as well as in the exchange of data and information.

The OPEC Secretary General later paid a visit to the Kuwait Foundation for the Advancement of Sciences (KFAS) and met with Dr. Adnan Shihab-Eldin, the Director of KFAS.  The Director, a former Acting for the Secretary General of OPEC and Director of its Research Division, provided an overview of the activities of KFAS, highlighting its next five-year programme and the focus areas of its research and development projects.