The Joint OPEC-Non-OPEC Ministerial Keeping Track Of Committee (JMMC) has actually designated the Honorable Minister of State for Petroleum Resources, Chief Timipre Sylva as Unique Envoy for further consultations with ‘Statement of Cooperation’ (DoC) taking part countries. This was disclosed at the 26 th Fulfilling of the JMMC hung 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 applauded the positive efforts of the countries that signed up to the DoC for complying with their voluntary changes in output. Taking part countries have been proactive and preemptive in steps required to reduce 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 carry out 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 assessments with the respective leaders of these nations on their Doc market rebalancing efforts. The Special Envoy will likewise discuss matters connecting to conformity levels with the voluntary production modifications and check out how getting involved nations can jointly support and help one another in attaining complete conformity with their supply changes.
Chief Sylva will also go over with relevant authorities the payment mechanism in accommodating underperformed volumes as concurred at the June Ministerial meetings, and later amended in September, 2020.
Moreover, the mission will solidify the discussion channels in between and among getting involved nations, and enhance change and information exchange.
JMMC designates Timipre Sylva as Unique Envoy
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