OPEC/non-OPEC cmte convenes consultative meeting

An unofficial consultative meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) was held here on Saturday. The meeting was attended by their Excellences Oil and Energy Ministers of Saudi Arabia as Chair of the JMMC, Oman, Algeria and Kuwait. The UAE attended as the President of the current OPEC Conference.

The ministers expressed their appreciation for the positive results achieved through the close collaboration among participants in the Declaration of Cooperation. They further stressed the need to maintain the existing cooperation and continue the successful endeavor carried out by the participating countries. Furthermore, they called for sustaining the current partnership in order to continuously adapt to ongoing market dynamics, in pursuit of the interests of consumers and producers whilst promoting healthy global economic growth. The ministers also emphasized the need for healthy market conditions that stimulate adequate investments in the energy sector, in order to ensure stable oil supplies are made available in a timely manner to meet growing demand and offset declines in some parts of the world. Moreover, the ministers discussed overall market developments and took stock of healthy global oil demand growth. They reviewed conformity levels with the Declaration of Cooperation, highlighting its positive impact on market rebalancing.

The ministers expressed their gratitude for the State of Kuwait for its generosity and excellent organization of the meeting. The next meeting for JMMC will be held on June 21 in Vienna.

Source: Kuwait News Agency