| Danial Norjidi |
BRUNEI Darussalam reaffirmed its commitment to a Declaration of Cooperation for voluntary oil production adjustment by signing a nine-month extension to the agreement, together with the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC participating countries.
This was shared by the Energy and Industry Department at the Prime Minister’s Office (EIDPMO) in a press release yesterday.
According to the press release dated May 25, Pehin Datu Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Awang Haji Mohammad Yasmin bin Haji Umar, the Minister of Energy and Industry at the Prime Minister’s Office attended the 2nd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria representing Brunei Darussalam.
The meeting gathered ministers and leaders from 14 OPEC members and nine non-OPEC participating countries, including Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, and Sudan.
A signed Declaration of Cooperation was made on December 10, 2016 on voluntary oil production adjustment decision by the non-OPEC participating countries, which included Brunei Darussalam.
Pehin Datu Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Awang Haji Mohammad Yasmin bin Haji Umar, the Minister of Energy and Industry at the Prime Minister’s Office in a group photo during the 2nd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria
The President of the Conference, 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, 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 per cent. The meeting 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 July 1, 2017.
As the press release reads, “Brunei Darussalam has reaffirmed its commitment to support the extension of the Declaration of Cooperation for another nine months.”
Together with the OPEC and non-OPEC participating countries, the extension of the Declaration of Cooperation was signed by the Minister of Energy and Industry at the Prime Minister’s Office.
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