Signing of the Extension of the Declaration of Cooperation

Brunei Darussalam has reaffirmed its commitment to support the extension of the Declaration of Cooperation for another 9 months. Representing Brunei Darussalam in the signing of the extension of the Declaration of Cooperation was Yang Berhormat Pehin Datu Singamanteri Retired Colonel Dato Seri Setia Doctor Awang Haji Mohammad Yasmin bin Haji Umar, the Minister of Energy and Industry at the Prime Minister's Office during the 2nd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria

The meeting gathered ministers and leaders from 14 OPEC members and 9 non-OPEC participating countries, including Azerbaijan, Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Oman, Russia, and Sudan. A signed Declaration of Cooperation was made on the 10th of December 2016 on voluntary oil production adjustment decision by the non-OPEC participating countries, which included Brunei Darussalam. During the meeting, the President of the Conference, His Excellency Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia delivered an opening statement during the meeting followed by remarks by the Minister of Energy of the Russian Federation, His Excellency Alexander Valentinovich Novak, who was the alternate chairman of the meeting.

The level of conformity performance has improved since January 2017, where in April the level of conformity increased to 102%. The meeting has noted that to achieve a lasting stability in the oil market in the interest of oil producers and consumers; there is a need to continue with market rebalancing efforts beyond 2017. In this regard, the meeting agreed to the decision on extending the period of the production adjustment for a further period of nine months beginning 1 July 2017.

Source: Radio Television Brunei

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