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17 Jun 2021

DoC participating countries hold 9th Technical Meeting

Vienna, Austria, 17 June 2021--The Ninth Technical Meeting of the OPEC and non-OPEC Countries participating in the Declaration of Cooperation (DoC) was held via videoconference.

The Meeting convenes twice a year to serve as a platform for DoC participants to discuss oil market developments and exchange views on various technical matters related to the energy sector. Today’s meeting focused on assessing crude oil demand and supply, market balance, the post-COVID-19 oil market situation and the impacts of DoC decisions on restoring balance and stability in the global oil market.

In his opening remarks, HE Mohammad Sanusi Barkindo, OPEC Secretary General, stressed the importance of holding high-level, as well as technical, meetings with industry partners on a regular basis, noting that OPEC continues to support oil market stability through dialogue and cooperation in the interest of all industry stakeholders, including producers, consumers and investors.

In this context, Barkindo stated that today’s technical meeting provides OPEC Member Countries and non-OPEC Countries participating in the DoC with an opportunity to discuss technical issues and share data insights on issues facing the global oil market.

On oil market developments, Barkindo commended the ongoing efforts carried out by the DoC Participants to support oil market stability, adding, “Our joint efforts in rebalancing the market through voluntary production adjustments continue to be highly effective. I must congratulate you all and express my great appreciation to your esteemed countries for the ongoing support and dedication to this landmark global energy cooperation.”

“I would like to encourage all DoC Participating Countries to keep up the positive momentum we have made to date and ensure full and timely conformity in relation to our joint decisions,” he said, noting, in reference to the pandemic, “Through our responsible and effective joint contributions, we gave the industry a lifeline when it needed it the most.”

The Technical Meeting was established under the framework of the landmark DoC signed on 10 December 2016 in Vienna, Austria. Its inaugural meeting was held in May 2017.

Today’s meeting convened in advance of the 53rd Meeting of the Joint Technical Committee (JTC) and the 31st Meeting of the Joint Ministerial Monitoring Committee (JMMC) scheduled for 29 and 30 June, respectively, and the 181st Meeting of the OPEC Conference and the 18th OPEC and non-OPEC Ministerial Meeting planned for 1 July.