2001年-OPEC公报_OB122017_012018_108页_13mb

OPEC and Non-OPEC Cooperation and Continuity

Core Content

The OPEC Bulletin from June 2018 highlights the successful collaboration between OPEC and non-OPEC oil-producing countries, emphasizing the importance of partnership in achieving a stable and sustainable global oil market. The focus is on the Declaration of Cooperation, which was extended for a full year in 2018, and the role of key institutions and officials in maintaining market balance.

Main Points

• Declaration of Cooperation:

  • The Declaration was extended for a full year (January to December 2018) at the 173rd OPEC Conference and the 3rd OPEC and non-OPEC Ministerial Meeting, both held in Vienna on November 30, 2017.
  • The extension was deemed timely and effective, as it contributed to the acceleration of market rebalancing and the reduction of stock overhangs.
  • The Declaration has proven to be a crucial mechanism for global oil market stability, with a strong emphasis on trust, mutual respect, honesty, transparency, shared vision, and clear objectives.

• Market Performance:

  • The oil market showed signs of improvement, with a notable drop in OECD stock overhangs and a shift to backwardation for both Brent and WTI crude.
  • Global economic growth and rising oil demand have supported the market's recovery, with optimism replacing previous pessimism.

• Leadership and Commitment:

  • Khalid A Al-Falih, Saudi Arabia’s Minister of Energy, Industry and Mineral Resources, was re-elected as OPEC Conference President for 2018.
  • The Joint Ministerial Monitoring Committee (JMMC) and Joint Technical Committee (JTC) played a vital role in ensuring transparency and timely implementation of the Declaration.
  • The collaboration between OPEC and non-OPEC countries has been instrumental in the success of the initiative, with notable participation from countries like Chad, Congo, Egypt, Turkmenistan, Uganda, and Uzbekistan.

• Sustainability and Investment:

  • The Conference President stressed that market stability is a collective global responsibility.
  • It is essential to invest in oil capacity and infrastructure to ensure long-term stability and security for both producers and consumers.
  • The focus is on maintaining market certainty and ensuring that long-cycle investments are not delayed.

• Ongoing Commitment:

  • Despite the progress, there is a reminder that commitment cannot be taken for granted, especially as the goal of market balance approaches.
  • The need for continuous cooperation and institutionalizing the partnership framework was emphasized to ensure the long-term success of the Declaration.

• Future Outlook:

  • The Declaration is seen as a key element in the consensus-building process for oil market stability.
  • The partnership is open to more producers, and there is a focus on addressing broader challenges and opportunities in the oil industry over the long term.

Key Information

• Event Details:

  • The 173rd OPEC Conference and 3rd OPEC and non-OPEC Ministerial Meeting were held in Vienna, Austria, on November 30, 2017.
  • The event attracted around 200 delegates and over 250 journalists and analysts.
  • The Declaration of Cooperation was signed by 24 countries, including 14 OPEC members and 10 non-OPEC producers.

• Participants:

  • OPEC Members: Algeria, Angola, Azerbaijan, Bahrain, Brunei Darussalam, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Oman, Qatar, Saudi Arabia, UAE, Venezuela.
  • Non-OPEC Producers: Chad, Congo, Egypt, Turkmenistan, Uganda, Uzbekistan.
  • Non-OPEC Observers: African Petroleum Producers Association.

• Leadership:

  • Khalid A Al-Falih (Saudi Arabia) was re-elected as OPEC Conference President.
  • Suhail Mohamed Al Mazrouei (UAE) was elected as the new President for 2018.
  • Alexander Novak (Russia) was re-elected as Alternate President.
  • Issam A Almarzooq (Kuwait) was recognized for his leadership in the JMMC.

• Key Quotes:

  • "Nothing truly valuable can be achieved except by the unselfish cooperation of many individuals."
  • "Coming together is a beginning; keeping together is progress; working together is success."
  • "We must stay the course, with each Member Country taking full responsibility for its own contributions and not relying on others."

Conclusion

The OPEC Bulletin underscores the importance of cooperation and continuity in the global oil market. The extension of the Declaration of Cooperation for the full year of 2018 reflects the success of the partnership and the collective commitment to achieving sustainable market stability. The collaboration between OPEC and non-OPEC producers has led to significant improvements in market fundamentals, and the continued engagement of key stakeholders is essential to maintaining this progress in the long term.