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31 May 2021

DoC Joint Technical Committee discusses oil market developments

Vienna, Austria, 31 May 2021--The Joint Technical Committee (JTC) convened for its 52nd Meeting via videoconference to review the conditions and emerging trends in the global oil market.

The virtual meeting was held in advance to the 30th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 17th OPEC and non-OPEC Ministerial Meeting (ONOMM) scheduled for Tuesday, 1 June 2021.

In his opening remarks, OPEC Secretary General, HE Mohammad Sanusi Barkindo, thanked the committee members for their tireless efforts in realising the committee’s objectives, highlighting that the JTC continues to play a vital role in the success of the landmark Declaration of Cooperation (DoC).

The Secretary General noted: “There are many moving parts when it comes to factors affecting the global oil market, such as the pace of change during the [COVID-19] pandemic.”

“Given the diverse range of uncertainties, it is a tremendous source of comfort to the market that the DoC partners continue to be such a reliable and dependable component contributing to oil market stability,” he said.

On developments related to the Joint Comprehensive Plan of Action, the Secretary General stated: “IR Iran is an extremely important and valued member of our Organization,” noting that the Islamic Republic is one of OPEC’s five Founder Members.

“We anticipate that the expected return of Iranian production and exports to the global market will occur in an orderly and transparent fashion, thereby maintaining the relative stability that we have worked hard to achieve since April of last year,” he added.

Barkindo also emphasised the importance of investment for the future of oil, stating that it is “the lifeblood of this industry.”

The Secretary General concluded his remarks by quoting the Russian author Fyodor Dostoevsky:

“The darker the night, the brighter the stars.”

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