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26 Apr 2021

DoC JTC meets to review oil market developments

Vienna, Austria, 26 April 2021--The Joint Technical Committee (JTC) held its 51st meeting via videoconference to review oil market conditions in preparation for the 29th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 16th OPEC and non-OPEC Ministerial Meeting (ONOMM) scheduled for Wednesday, 28 April 2021.

HE Mohammad Sanusi Barkindo, OPEC Secretary General, opened the meeting by expressing his deep condolences on the tragic loss of life following a fire in Ibn Al-Khatib Hospital in Baghdad, Iraq, on Saturday, 24 April 2021.

The Secretary General wished participating delegates a blessed and holy Ramadan. “I pray this sacred month brings you and your families peace, joy and contentment,” he added.

Barkindo thanked Members of the JTC for their ongoing efforts in examining the developments of the global oil market and providing timely and reliable analysis to support decision-making, noting that the Committee has contributed greatly to the success of the historic Declaration of Cooperation (DoC).

In highlighting the improving oil market outlook, Barkindo stated: “There are positive signals regarding the global economy and prospects for our industry.” However, he also emphasised there are many factors that require ongoing monitoring and vigilance.

“The revival of fortunes for the health of the economy and our industry is due, in no small part, to the efforts of the Declaration of Cooperation participating countries,” the Secretary General stated.

The Secretary General concluded by quoting the Russian writer Leo Tolstoy: “All the variety of life is made up of light and shadow” and “The two most important warriors are patience and time.”

DoC Ministerial Meetings are supported by the JMMC, which is tasked to examine oil market developments, monitor the conformity of the DoC voluntary production adjustments and recommend further actions. The JTC and the OPEC Secretariat provides the JMMC with technical support.