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23 Jun 2021

OPEC’s Economic Commission Board continues its deliberations

Vienna, Austria, 23 June 2021--The 135th Meeting of the Economic Commission Board (ECB) of OPEC continued its deliberations today, Wednesday, 23 June 2021, via videoconference.

The Meeting was chaired by OPEC Secretary General, Mohammad Sanusi Barkindo, and was attended by the National Representatives of OPEC Member Countries.

The Meeting focused on reviewing the conditions of the global oil market and emerging trends related to the oil industry, including demand, supply and stock movements, as well as the recovery prospects for the world economy.

Secretary General Barkindo, in his opening remarks, underscored the ECB’s importance as an integral part of the Organization, providing significant support and valuable input to the decision-making process through conducting detailed technical analyses.

“The regular and in-depth research the Secretariat provides to the ECB and the resulting report to the OPEC Conference constitute the core input to the decisions that are made at the Ministerial level,” Barkindo said, adding, “Today’s deliberations are no exception as we conduct a thorough analysis of the latest oil market developments and assess the ongoing progress of the Declaration of Cooperation (DoC).”

The Secretary General also highlighted the positive and valuable contributions of the DoC Participating Countries who continue to provide vital support to the global oil market through voluntary production adjustments in the interest of market stability.

“Allow me to commend all DoC Participating Countries for their commitment and overwhelming success achieved over the last four years. Our unprecedented achievements have sent a clear message to the world that multilateral energy dialogue and cooperation are essential and effective means of reaching common goals,” he stated.

On oil market developments, the Secretary General underlined the key role played by OPEC Member Countries and non-OPEC oil producing countries of the DoC in helping overcome the devastating impacts of the COVID-19 pandemic on the global oil market.

“The DoC has faced many difficult challenges since its inception in December 2016, but it has proven time after time that it is a robust and sustainable framework for global energy cooperation and a highly effective means for overcoming global challenges in this highly complex and dynamic industry,” Barkindo pointed out, emphasizing that the DoC has once again prevailed during the pandemic, providing a lifeline of support to the oil market and the global economy.

“These efforts are bringing us step-by-step closer to bringing this pandemic under control, thereby helping accelerate the global economic recovery. Indeed, the latest market developments point to much better conditions and improved outlooks,” he added.

Today’s session of the 135th ECB Meeting followed an opening session that was held on Tuesday, 15 June 2021. The opening session saw the participation of a number of industry experts to discuss issues related to the energy sector, including investment, supply and demand balance, the energy transition and the role of the private sector.

The meeting was held ahead 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.

The Economic Commission Board is the Organization’s statutory economic think-tank, which meets in advance of the Ordinary Meetings of the OPEC Conference.