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03 Jan 2021

The DoC’s Joint Technical Committee holds its 47th meeting

Vienna, Austria, 3 January 2021--The Joint Technical Committee (JTC) has convened for its 47th meeting via videoconference, in advance of the 25th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 13th OPEC and non-OPEC Ministerial Meeting scheduled for Monday, 4 January 2021.

Both committees were created under the umbrella of the historic Declaration of Cooperation (DoC), which was signed at the First OPEC and non-OPEC Ministerial Meeting on 10 December 2016 in Vienna, Austria. The JTC is the JMMC’s technical think-tank.

Mohammad Sanusi Barkindo, Secretary General of OPEC, opened the JTC meeting by thanking the committee’s members for their tireless efforts during one of the most volatile periods in the oil industry’s history.

The Secretary General reflected on the proactive and decisive decisions taken by the DoC countries in April, June, September and December 2020, highlighting the bold and timely actions of the DoC participating countries throughout the COVID-19 crisis.

“Collectively, we have delivered an unprecedented response to an unparalleled market shock and continue to lead the industry on the road to recovery,” Barkindo said.

The Secretary General also emphasized that “the outcomes of the December 3rd Ministerial Meeting pave the way for a gradual return of 2 mb/d to the market over the coming months, while the participating countries stand ready to adjust these levels depending on market conditions and developments.”

Barkindo highlighted that the global economy is forecast to grow by 4.4 per cent in 2021, noting that the recent developments of the COVID-19 vaccine have injected optimism into the economy and the oil market.

On oil market developments, Barkindo noted: “We anticipate that crude oil demand will shift from reverse to forward gear and rise to 95.9 mb/d this year, a gain of 5.9 mb/d from 2020. The non-OECD will be in the driver’s seat with growth of around 3.3 mb/d.”

The Secretary General concluded by underscoring the necessity of continuing to work together under the framework of the landmark DoC for the benefit of producers, consumers and the world economy at large.

The mandates of the JMMC and JTC include reviewing the conditions and developments of the global oil market, as well as monitoring the conformity levels to the voluntary production adjustments adopted by OPEC’s 13 Member Countries and ten key non-OPEC oil producing countries.