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02 Jul 2019

The 6th OPEC and non-OPEC Ministerial Meeting concludes

The 6th OPEC and non-OPEC Ministerial Meeting was held in Vienna, Austria, on Tuesday, 02 July 2019, under the Co-Chairmanship of OPEC’s President, HE Manuel Salvador Quevedo Fernandez, People's Minister of Petroleum of the Bolivarian Republic of Venezuela, and HE 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.

Recalling the ‘Declaration of Cooperation’ reached on 10 December 2016, between OPEC and non-OPEC producing countries.

Reaffirming the continued commitment of the participating producing countries in the ‘Declaration of Cooperation’ 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.

Accordingly, the Meeting focused their deliberations on recent oil market developments and the immediate prospects. In view of the underlying large uncertainties and its potential implications on the global oil market, the 6th OPEC and non-OPEC Ministerial Meeting hereby decided to extend the decision taken on voluntary production adjustments at the 5th OPEC and non-OPEC Ministerial Meeting on 07 December 2018, for an additional period of nine months from 01 July 2019 to 31 March 2020.

The Joint Ministerial Monitoring Committee (JMMC) was requested to vigilantly monitor the fair implementation of the above mentioned resolution, in light of the supply and demand balance and the prevailing uncertainties, and report back to the Meeting.

The Meeting extended its deep appreciation to the JMMC, the Joint Technical Committee (JTC) and the OPEC Secretariat for their continued tireless support since the 5th OPEC and non-OPEC Ministerial Meeting.

The Meeting emphasized the support and commitment of all participating countries in the Declaration of Cooperation to build on the success achieved thus far, and thus endorsed the draft text of the Charter of Cooperation, a high-level voluntary commitment, to enable the continued proactive dialogue between countries in the Declaration of Cooperation at both ministerial and technical levels. The Meeting requests all participating countries to take the draft text through their respective national process.

The Meeting decided that the next OPEC and non-OPEC Ministerial Meeting will convene in Vienna, Austria, on 06 December, 2019.

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.