The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) has appointed the Honorable Minister of State for Petroleum Resources, Chief Timipre Sylva as Special Envoy for further consultations with ‘Declaration of Cooperation’ (DoC) participating countries. This was disclosed at the 26th Meeting of the JMMC held on 3rd February, 2021.
The Chair of the Committee and Saudi Arabia’s Minister of Energy, Prince Abdul Aziz bin Salman, and Co-chair, Alexander Novak, Deputy Prime Minister of the Russian Federation commended the positive efforts of the countries that signed up to the DoC for conforming to their voluntary adjustments in output. Participating countries have been proactive and preemptive in measures taken to mitigate the devastating Impact of the COVID-19 pandemic on the oil market.
It is line with the principles of fairness, transparency and equity that underpins the DoC that the JMMC mandated the Minister of State, Petroleum Resources, Chief Timipre Sylva to undertake a mission as Special Envoy to the participating countries of Congo, Equatorial Guinea, Gabon, and South Sudan.
The purpose of the mission is to hold consultations with the respective leaders of these countries on their Doc market rebalancing efforts. The Special Envoy will also discuss matters relating to conformity levels with the voluntary production adjustments and explore how participating countries can collectively support and assist one another in achieving full conformity with their supply adjustments.
Chief Sylva will also discuss with relevant authorities the compensation mechanism in accommodating underperformed volumes as agreed at the June Ministerial meetings, and later amended in September, 2020.
Moreover, the mission will solidify the dialogue channels between and among participating countries, and enhance transformation and information exchange.
Deputy Director (Information)
Ministry of Petroleum Resources