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23 Nov 2021

The 136th Meeting of OPEC’s Economic Commission Board commences

Vienna, Austria, 23 November 2021--The Organization of the Petroleum Exporting Countries (OPEC) today held the opening session of the 136th Meeting of the Economic Commission Board (ECB) via videoconference.

The Board is the Organization’s economic and technical think-tank.

In addition to its routine rigorous assessment of the world oil market and its immediate prospects, especially in light of the post-pandemic economic recovery, the ECB is devoting a special session to the current challenges related to global trade and supply chain disruptions. Renowned world economists and specialists delivered presentations.

In terms of addressing these issues, OPEC Secretary General, HE Mohammad Sanusi Barkindo, emphasized the need for industry leaders to rise to the challenge.

“These issues must be addressed with high priority by world leaders in order to optimize trade flows again around the world and support a more holistic post-pandemic economic recovery,” he stated.

Barkindo underscored the Declaration of Cooperation’s (DoC) ongoing strategic role in providing a vital undercurrent of stability in the global oil market, especially as the economy continues to recover from the COVID-19 pandemic.

“At the last Meeting on 4 November, DoC partners reaffirmed their ongoing commitment to ensuring a stable and balanced oil market in the interests of producers and consumers, and in support of the ongoing global economic recovery,” he said, adding, “They furthermore vowed to stay flexible, vigilant, proactive and transparent in addressing the large uncertainties and adapting nimbly to the current complex and ever-evolving market environment.”

The Secretary General also briefed the Board on OPEC’s recent participation at the UN Climate Conference (COP26) in Glasgow and at ADIPEC in Abu Dhabi. He noted that the Organization’s delegation to the COP meeting advocated for a fair, inclusive and balanced approach to addressing climate change.

The Meeting will convene for its second and final day of deliberations tomorrow, 24 November 2021.

Statutorily, the Board meets twice a year in advance of the biannual Ordinary Meetings of the OPEC Conference and is comprised of Member Country National Representatives, as well as the Secretary General who serves as its Chairman.