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23 Jul 2017

OPEC holds intensive consultations in lead-up to JMMC

On Saturday, 22 July 2017, the President of the OPEC Conference, HE Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources, Kingdom of Saudi Arabia, together with OPEC Secretary General, Mohammad Sanusi Barkindo, met with the OPEC delegations of Libya and Nigeria, who were in St. Petersburg, Russia, to attend the 6th Meeting of the Joint Technical Committee (JTC), in the lead-up to the 4th Meeting of the Joint Ministerial Monitoring Committee (JMMC) scheduled to take place on Monday, 24 July 2017.

In the meeting, the President of the Conference and the delegations reviewed the two countries’ current oil market outlooks and discussed the future prospects and challenges that may lie ahead. The President reviewed their production recovery plans, including the challenges they currently face.

Additionally, the President of the Conference and HE Issam A. Almarzooq, Minister of Oil and Minister of Electricity and Water of Kuwait and Chairman of the JMMC have been participating in a series of phone consultations over the weekend with oil ministers from OPEC and non-OPEC producing countries that are part of the Declaration of Cooperation to discuss oil market prospects and challenges for the second half of the year. These discussions continued on Sunday.

The President of the Conference also plans to meet separately with HE Alexander Novak, the Minister of Energy of the Russian Federation and HE Mustapha Guitouni, Minister of Energy of Algeria ahead of tomorrow’s Meeting of the JMMC.

The President of the OPEC Conference, HE Khalid A. Al-Falih, who interrupted his annual vacation to be in St. Petersburg for the meetings, is expected to address the media, together with the Chairman of the JMMC, on Monday.