Opec Logo
Back PRESS RELEASE

29 Jun 2021

JTC reviews oil market developments

Vienna, Austria, 29 June 2021--The Joint Technical Committee (JTC) of the Declaration of Cooperation (DoC) of OPEC and non-OPEC oil producing countries held its 53rd Meeting via videoconference to review the latest oil market developments and discuss future prospects.

The meeting convened in preparation for the 31st Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 18th OPEC and non-OPEC Ministerial Meeting planned for 30 June and 1 July, respectively.

OPEC Secretary General, HE Mohammad Sanusi Barkindo, underscored, in his remarks, the vital role carried out by the JTC in providing high-quality technical analyses of the latest oil market developments. He added that the research and assessments conducted by the Committee serve as crucial input to the DoC’s decision-making process.

The Secretary General noted that today’s discussions will build on the successful deliberations of the 135th Meeting of OPEC’s Economic Commission Board (ECB) held on 15 and 23 June and the 9th Technical Meeting of OPEC and non-OPEC oil producing countries participating in the DoC held on 16 June.

On the oil market situation, the Secretary General lauded the unwavering commitment and tireless efforts demonstrated by the DoC participating countries since the outbreak of the COVID-19 pandemic, stressing, “The DoC participants clearly continue to play an important and valuable role in accelerating the oil market rebalancing process.”

In reference to COVID-19 and the recovery process, Barkindo stated: “The overall brighter picture in relation to the pandemic recovery efforts has led to significantly improved oil market conditions and prospects for future growth.”

In its June’s edition, OPEC’s Monthly Oil Market Report projected global oil demand to rise by 6 mb/d in 2021, while world economic growth is forecast at a rate of 5.5 per cent in the same period.

The Secretary General quoted the 13th century philosopher and scholar Jalal ad-Din Rumi, who said: “Everyone has been made for some particular work, and the desire for that work has been put in every heart.”

The Secretary General paid tribute to all Members of the Committee, in particular its Chairman, Eng. Adeeb Al-Aama, Saudi Arabia’s Governor for OPEC, and Co-Chair Denis Deryushkin of the Russian Federation for discharging their responsibilities with distinction during the most challenging period in the history of oil.

The DoC Ministerial Meetings 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 actions. The JTC and the OPEC Secretariat provide the JMMC with technical support.