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Oil & Gas

Qatar Joins OPEC Ministerial Meeting in Vienna

OPEC meeting June 2018

Qatar took part in the 4th OPEC – Non OPEC Ministerial Meeting held in Vienna last week. The meeting recalled the rights of peoples and nations to permanent sovereignty over their natural wealth and resources.

During the meeting, all parties agreed to comply with production adjustments agreed upon in Vienna in December 2016, when the State of Qatar was President of the OPEC Conference. They also discussed a proposal for regular and sustainable cooperation between OPEC and non-OPEC producing countries.

Qatar’s delegation also participated in the 174th Meeting of the OPEC Conference hosted earlier at the OPEC Secretariat. The Conference praised the Secretariat for the success of the 7th OPEC International Seminar under the title: Global Economy and the Future of Oil, noting that it has ‘become a true global platform for discussing the challenges as well as opportunities in the energy industry’.

The Conference also praised conformity by OPEC member states to the voluntary production adjustments agreed upon in November 2016. It noted that OPEC members had exceeded the required level of conformity, reaching 153% in May 2018.

The Conference agreed that member countries ‘will strive to adhere to the overall conformity level of OPEC, down to 100% as of 1 July 2018, for the remaining duration of the agreement’. The Conference also approved Congo’s request to join OPEC with immediate effect.

Qatar’s delegation was headed by Minister of Energy and Industry Dr Mohammad bin Saleh Al Sada. Qatar Petroleum CEO Engineer Saad Sherida Al Kaabi, and Qatar Ambassador to Vienna, Sheikh Ali bin Jassim Al Thani were also there to attend the meet.

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