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29 Sep 2021

DoC Joint Technical Committee discusses oil market developments

Vienna, Austria, 29 September 2021--The Joint Technical Committee (JTC) convened for its 55th meeting via videoconference to examine oil market developments.

The meeting was held in preparation for the 33rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 21st OPEC and non-OPEC Ministerial Meeting (ONOMM) planned for Monday, 4 October 2021.

OPEC Secretary General, HE Mohammad Sanusi Barkindo, in his remarks underscored the importance of the efforts by the Declaration of Cooperation (DoC) Participating Countries in accelerating the rebalancing process in the global oil market. “As we approach the final quarter of 2021, it is clear that this has been a year of recovery,” he stated.

“The commitment by all DoC Participating Countries to reach their voluntary production adjustment levels and ensure that compensation volumes are met is contributing to the positive market momentum we are seeing this year,” Barkindo said.

The Secretary General noted that the latest decisions of the DoC continue to help balance the market fundamentals, by addressing rising demand while guarding against potential excess in supply.

Barkindo also stressed the need to remain cautious and attentive to an ever-evolving market situation, emphasizing, “Constructive engagements in a transparent fashion based on mutual respect among all Participating Countries remain key to our success.”

The Secretary General pointed out that the previous day, 28 September, marked the fifth anniversary of the 170th (Extraordinary) Meeting of the OPEC Conference, which established a High-Level Committee to develop a framework for consultations between OPEC and non-OPEC oil-producing countries. The historic ‘Algiers Accord’ was the initial step in a series of events that would lead to signing of the ‘Vienna Agreement’ at the 171st Meeting of the OPEC Conference on 30 November and the landmark DoC framework by OPEC and non-OPEC Participating Countries on 10 December 2016 in Vienna.

Moreover, the Secretary General noted that the JTC meeting took place between the launch of two flagship OPEC publications, the 15th edition of the World Oil Outlook (WOO) and the 56th Annual Statistical Bulletin (ASB). The WOO was released yesterday, Tuesday, 28 September 2021, and the ASB launch will be held tomorrow, Thursday, 30 September 2021. He highlighted that these leading publications, along with the Monthly Oil Market Report, “provide a trove of analysis and data that are vital to market stabilization efforts and are widely recognized and acclaimed references.”

The OPEC and non-OPEC Ministerial Meetings are supported by the JMMC, which is tasked with analyzing oil market developments, monitoring the conformity of the DoC voluntary production adjustments and recommending further actions. The JTC and the OPEC Secretariat provide the JMMC with technical support.