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25 Nov 2021

OPEC, non-OPEC DoC participants convene for 10th Technical Meeting

Vienna, Austria, 25 November 2021--The 10th Technical Meeting of OPEC and non-OPEC oil producing countries participating in the Declaration of Cooperation (DoC) was held today via videoconference.

The Meeting convened following the conclusion of the 136th Meeting of OPEC’s Economic Commission Board (ECB), which took place virtually on 23 and 24 November 2021. The ECB is the Organization’s economic and technical think-tank.

The DoC Technical Meeting convenes twice a year to facilitate the sharing of insights and exchanging of views on oil market conditions and other key energy-related topics, thereby strengthening mutual ties and understanding.

Today’s Meeting hosted a panel of industry experts for a special session that examined the traditional linkages between economic growth and oil demand growth in light of the ongoing post-pandemic economic recovery. Discussions also covered the ongoing implementation of the OPEC-non-OPEC DoC and its role in supporting oil market stability and the ongoing economic recovery.

In reference to the special session, OPEC Secretary General, HE Mohammad Sanusi Barkindo, noted that the historically close linkage between economic growth and oil demand growth had been tested by the pandemic.

“Traditionally, there has been a close relationship between economic growth and oil demand growth, but this relationship has been impacted by the varying rates of recovery around the world,” he stated.

The Secretary General also commended the DoC participants for their proactive and effective role in providing an undercurrent of stability in the global oil market, especially during times of uncertainty.

“The DoC has provided crucial support to the economic recovery in the aftermath of the pandemic and continues to play a highly successful stabilizing role in the oil market,” he stated.

The Technical Meeting was established under the DoC framework, which was institutionalized on 10 December 2016 in Vienna, Austria, by OPEC Member Countries and 10 non-OPEC leading oil producers.