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28 Oct 2021

DoC Joint Technical Committee convenes for its 56th Meeting

Vienna, Austria, 28 October 2021--The 56th Meeting of the Joint Technical Committee (JTC) was held today, 28 October 2021, via videoconference to review oil market developments.

The Meeting took place in preparation for the 34th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 22nd OPEC and non-OPEC Ministerial Meeting (ONOMM) scheduled for Thursday, 4 November 2021.

OPEC Secretary General, HE Mohammad Sanusi Barkindo, opened the meeting by thanking the JTC’s Members for their tireless efforts and unwavering commitment to the objectives of the historic Declaration of Cooperation (DoC), highlighting that the Committee’s positive contributions continue to support informed and strategic decision-making.

“In December of 2021, we will observe the Fifth Anniversary of the DoC, which was a remarkable milestone in the history of OPEC, and the role of the JTC as a technical committee, together with the support of the OPEC Secretariat, has been instrumental in the implementation process,” he stated.

The Secretary General underscored the DoC’s instrumental role in the oil market rebalancing process, following the downturn caused by the COVID-19 pandemic.

“Producers, consumers and the global economy have all shared in the benefits of our collective efforts,” he noted.

The Secretary General additionally highlighted the need to remain cautious and attentive to an ever-evolving market situation, emphasizing, “We have made progress in leaps and bounds to get to where we are today. However, this is surely not the time to rest on our laurels.”

“The DoC is a framework that has stood the test of time. As we celebrate the fifth anniversary of this landmark and unprecedented multilateral energy cooperation, let us not only celebrate the tremendous achievements we have made together, but let us also be inspired to stay resolute in meeting the coming challenges this industry will be facing.”

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