• About Us
  • Partners
  • Contact
Saturday, May 24, 2025
  • Login
No Result
View All Result
NEWSLETTER
The Energy Intelligence
  • Home
  • Solid Minerals
  • Oil
    Maersk Drilling secures $12.1 million contract from Dana Petroleum Netherlands B.V.

    Maersk Drilling secures $12.1 million contract from Dana Petroleum Netherlands B.V.

    SPE ex-Chair picks holes in petroleum subsidy removal

    SPE ex-Chair picks holes in petroleum subsidy removal

    Axxis Geo Solutions names

    Axxis Geo Solutions names Ronny Bøhn as new CEO

    Equinor transfers operatorship of Bressay project to EnQuest

    Equinor transfers operatorship of Bressay project to EnQuest

    Aker Solutions Secures Brownfield Services Contract for Hebron Platform in Canada

    Aker Solutions secures Brownfield services contract

    We have also been able to maintain stable operations and implemented several measures to safeguard our financial strength,” says Eldar Sætre, President and CEO of Equinor ASA.

    Amid Covid-19, Equinor presents impressive Q2 results

    The two entities will join forces to create a new supplier company with a stronger position as a solid execution partner, enabling sustainable, low-carbon oil and gas production, and accelerating growth in renewable energy industries.

    Norwegian oil services firm Aker Solutions announces merger with Kvaerner, names new CEO

    Aker Solutions won several new contracts for projects on the Norwegian Continental Shelf in June, and the order intake is expected to be about NOK 7 billion in the quarter.

    Improved Q2 results for Aker Solutions

    On behalf of the Oseberg partners, Equinor has awarded Aibel a portfolio agreement for the Oseberg fields for the period 2020-2026.

    Aibel awarded Oseberg portfolio agreement

  • Marine Services
  • Industry News
    Sweden, Denmark leading the energy transition

    Sweden, Denmark leading the energy transition

    Nigeria dominates solar offgrid sales in West Africa

    Nigeria dominates solar offgrid sales in West Africa

    Logos of The Energy Intelligence, The Energy Leaders Dialogue and REEEA-ALLIANCE

    REEEA-ALLIANCE Becomes Official Partner of Energy Leaders Dialogue 2023

    West Africa’s largest renewable energy group announces Ayo Ademilua as new West Africa’s largest renewable energy group announces Ayo Ademilua as new president smiling

    REAN announces Ayo Ademilua as new president

    REAN appoints Salamatu Tunzwang as new executive secretary

    REAN appoints Salamatu Tunzwang as new executive secretary

    Eplan Senior Vice President Strategy & Corporate Program Marco Litto

    New service: Eplan Marketplace

    MAXXDRIVE® industrial gear units – NORD’s toughest for every situation

    MAXXDRIVE® industrial gear units – NORD’s toughest for every situation

    Student Energy announces $150m  youth-led UN Energy Compact

    Student Energy announces $150m  youth-led UN Energy Compact🇨🇦

    Nidec-Leroy-Somer-LSA-473-alternator

    Nidec Leroy-Somer announces launch of LSA 47.3 industrial alternator with increased performance and an optimized cooling system

  • Insights
  • Partners
  • Home
  • Solid Minerals
  • Oil
    Maersk Drilling secures $12.1 million contract from Dana Petroleum Netherlands B.V.

    Maersk Drilling secures $12.1 million contract from Dana Petroleum Netherlands B.V.

    SPE ex-Chair picks holes in petroleum subsidy removal

    SPE ex-Chair picks holes in petroleum subsidy removal

    Axxis Geo Solutions names

    Axxis Geo Solutions names Ronny Bøhn as new CEO

    Equinor transfers operatorship of Bressay project to EnQuest

    Equinor transfers operatorship of Bressay project to EnQuest

    Aker Solutions Secures Brownfield Services Contract for Hebron Platform in Canada

    Aker Solutions secures Brownfield services contract

    We have also been able to maintain stable operations and implemented several measures to safeguard our financial strength,” says Eldar Sætre, President and CEO of Equinor ASA.

    Amid Covid-19, Equinor presents impressive Q2 results

    The two entities will join forces to create a new supplier company with a stronger position as a solid execution partner, enabling sustainable, low-carbon oil and gas production, and accelerating growth in renewable energy industries.

    Norwegian oil services firm Aker Solutions announces merger with Kvaerner, names new CEO

    Aker Solutions won several new contracts for projects on the Norwegian Continental Shelf in June, and the order intake is expected to be about NOK 7 billion in the quarter.

    Improved Q2 results for Aker Solutions

    On behalf of the Oseberg partners, Equinor has awarded Aibel a portfolio agreement for the Oseberg fields for the period 2020-2026.

    Aibel awarded Oseberg portfolio agreement

  • Marine Services
  • Industry News
    Sweden, Denmark leading the energy transition

    Sweden, Denmark leading the energy transition

    Nigeria dominates solar offgrid sales in West Africa

    Nigeria dominates solar offgrid sales in West Africa

    Logos of The Energy Intelligence, The Energy Leaders Dialogue and REEEA-ALLIANCE

    REEEA-ALLIANCE Becomes Official Partner of Energy Leaders Dialogue 2023

    West Africa’s largest renewable energy group announces Ayo Ademilua as new West Africa’s largest renewable energy group announces Ayo Ademilua as new president smiling

    REAN announces Ayo Ademilua as new president

    REAN appoints Salamatu Tunzwang as new executive secretary

    REAN appoints Salamatu Tunzwang as new executive secretary

    Eplan Senior Vice President Strategy & Corporate Program Marco Litto

    New service: Eplan Marketplace

    MAXXDRIVE® industrial gear units – NORD’s toughest for every situation

    MAXXDRIVE® industrial gear units – NORD’s toughest for every situation

    Student Energy announces $150m  youth-led UN Energy Compact

    Student Energy announces $150m  youth-led UN Energy Compact🇨🇦

    Nidec-Leroy-Somer-LSA-473-alternator

    Nidec Leroy-Somer announces launch of LSA 47.3 industrial alternator with increased performance and an optimized cooling system

  • Insights
  • Partners
No Result
View All Result
The Energy Intelligence
No Result
View All Result
hhh hhh hhh
ADVERTISEMENT
Home Industry News

OPEC’s Declaration of Cooperation

by Ayobami Adedinni
December 1, 2017
in Industry News, Oil
0
Declaration of Cooperation

HE Khalid A. Al-Falih, Saudi Arabia's Minister of Energy, Industry and Mineral Resources, and President of the OPEC Conference (l); and HE Mohammad Sanusi Barkindo, OPEC Secretary General

0
SHARES
Share on FacebookShare on Twitter
Oman Petroleum and Energy Show
ADVERTISEMENT
ADVERTISEMENT

By Ayobami Adedinni
The Organization of Petroleum Exporting Countries (OPEC), Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, Republic of South Sudan.
Recalling the rights of peoples and nations to permanent sovereignty over their natural wealth and resources;
Taking into account current oil market conditions and short- to medium-term prospects;
Recognising the need for joint cooperation of the oil exporting countries, to achieve a lasting stability in the oil market in the interest of oil producers and consumers;
Recalling that OPEC Member Countries met on 30th November 2016 and decided to undertake a production adjustment of 1.2 million barrels a day (mb/d) for six (6) months, effective from 1st January 2017;
Recalling that on 10th December 2016, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and Republic of South Sudan (participating non-OPEC producing countries in the Declaration of Cooperation), in their desire to achieve oil market stability in the interest of all producers and consumers, proposed to voluntarily adjust their oil production by 558 thousand barrels a day (tb/d), effective from 1st January 2017 for six (6) months, which took into account prevailing market conditions and prospects;
Recalling that OPEC and the participating non-OPEC producing countries on 25th May 2017 amended the Declaration of Cooperation to extend for a further nine (9) months commencing on 1st July 2017;
Noting that OPEC Member Countries at the 173rd Meeting of the Conference considered that the current supply and demand fundamentals and its immediate prospects called for a further amendment to the Declaration of Cooperation of 25th May 2017 in order to fulfil the objective of rebalancing the market, despite the market improvement so far;
Noting that OPEC Member Countries, in agreeing to their above referenced decision, confirmed their commitment to a stable and balanced oil market and underscored the importance of the broader participation of other oil producing countries in the market balancing efforts;
Noting that OPEC and the participating non-OPEC producing countries considered the 6th report and the recommendations of the Joint Ministerial Monitoring Committee (JMMC), which considered several scenarios presented by the Joint Technical Committee (JTC) regarding the extension of the Declaration of Cooperation;
Noting that OPEC and participating non-OPEC countries accepted the recommendation of the JMMC, composed of Algeria, Kuwait, Venezuela, Saudi Arabia and two participating non-OPEC countries –the  Russian Federation and Oman–, chaired by Kuwait, and co-chaired by the Russian Federation, and decided that the JMMC should continue monitoring conformity levels, as well as market conditions and its immediate prospects, and recommend further actions, if deemed necessary; and furthermore, that the JTC, supported by the OPEC Secretariat, shall continue to provide its monthly technical assistance to the Bodies of the Declaration of Cooperation;
Recognising the desire of OPEC and the participating non-OPEC countries to achieve oil market stability in the interest of all oil producers and consumers;
Recognising the importance of conforming to the content of the Declaration of Cooperation;
Convinced of the necessity to jointly cooperate to help stabilize the oil market;
OPEC and the aforementioned non-OPEC producing countries have reached the following commitment:
 
OPEC maintains its decisions made on 30th November 2017;
 
The Declaration of Cooperation is hereby amended to take effect for the whole year of 2018 from January to December 2018, while pledging full and timely conformity of OPEC and participating non-OPEC countries in accordance with voluntary agreed production adjustments.
 
In view of the uncertainties associated mainly with supply and, to some extent, demand growth it is intended that in June 2018, the opportunity of further adjustment actions will be considered based on prevailing market conditions and the progress achieved towards re-balancing of the oil market at that time.
 
Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, Republic of South Sudan maintain to continue to adjust their respective oil production, voluntarily or through managed decline.
 
Pledge to fulfil their full commitment under this Declaration of Cooperation, individually and collectively;
 
To strengthen their cooperation through a dynamic and transparent framework, including regular monitoring, joint analyses and outlooks for a sustainable market stability in the medium- to long-term, for the benefit of producers and consumers;
 
To support the extension of the mandate of the Joint Ministerial Monitoring Committee (JMMC) composed of Algeria, Kuwait, Venezuela, Saudi Arabia and two participating non-OPEC countries of the Russian Federation and Oman, chaired by Saudi Arabia, co-chaired by the Russian Federation, and assisted by the Joint Technical Committee at the OPEC Secretariat, to closely review the status of and conformity with the Declaration of Cooperation and report to the OPEC – non OPEC Conference;
 
To ensure continuity and proactive cooperation through established regular meetings at technical and ministerial levels.
 
 
The foregoing record represents the understanding reached between OPEC and the Heads of Delegation of Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, Republic of South Sudan upon the matters referred to therein.
 
 
 

Tags: barkindonigeriaoilandgasOPECoutput cut
Ayobami Adedinni

Ayobami Adedinni

Ayobami founded The Energy Intelligence in 2017. He is an experienced energy journalist having previously worked for two national dailies. At The Energy Intelligence, Ayobami provides market intelligence to leaders in the African clean energy space. When he's not writing, he's busy daydreaming.

Hyundai marks nearly three decades of hydrogen fuel-cell electric vehicle (FCEV) powertrain development by unveiling the Initium concept that also displays an entirely new design language.

Hyundai unveils latest hydrogen fuel-cell concept

November 3, 2024
Air pollution levels in Lahore rise 40 times above WHO limit

Air pollution levels in Lahore rise 40 times above WHO limit

November 3, 2024
EXCLUSIVE: Norway launches program to tackle climate change in Nigeria, others

EXCLUSIVE: Norway launches program to tackle climate change in Nigeria, others

November 1, 2024

Popular News

    Tweet at us!

    Connect with us

    Newsletter

    Join thousands of other senior energy decision makers and gain access to exclusive stories and reports
    SUBSCRIBE

    Category

    • Amazons in Energy
    • Bio Energy
    • Clean Cooking
    • Climate Change
    • EnergyPreneur
    • Environment
    • Events
    • Food and Pharmaceuticals
    • Gas
    • Geothermal Energy
    • Governance
    • GreenTech Made in Africa
    • Hydro Power
    • Hydrogen Power
    • Industry News
    • Insight
    • Logistics
    • Magazine
    • Marine Services
    • Nuclear Power
    • Oil
    • Partners
    • Press Release
    • Recycling
    • Solar Energy
    • Solid Minerals
    • Sustainable Mobility
    • Technergy
    • Uncategorized
    • Wind Power

    Our Mission

    The Energy Intelligence is dedicated to focusing on all the key trends and developments that are emerging from within the Global Energy industry through Business Intelligence, Networking and Strategic Communications.

    • About Us
    • Partners
    • Contact

    © 2020 The Energy Intelligence. All rights reserved

    No Result
    View All Result
    • Home
    • Solid Minerals
    • Oil
    • Marine Services
    • Industry News
    • Insights
    • Partners

    © 2020 The Energy Intelligence. All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Create New Account!

    Fill the forms bellow to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    You cannot copy content of this page