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01 Dec 2021

DoC Joint Technical Committee meets to review oil market conditions

Vienna, Austria, 1 December 2021--The Joint Technical Committee (JTC) of the Declaration of Cooperation (DoC) convened today via videoconference for its 57th Meeting to examine the latest developments in the global oil market.

The Meeting was held ahead of the 35th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 23rd OPEC and non-OPEC Ministerial Meeting scheduled for tomorrow, 2 December 2021.

OPEC Secretary General, HE Mohammad Sanusi Barkindo, opened the Meeting by congratulating the DoC participants and Members of the JTC on the Declaration’s momentous Fifth Anniversary.

“On December 10th, we will officially mark the Fifth Anniversary of the DoC. This is truly a historical milestone in the history of OPEC, and I would like to take this opportunity to commend this formidable Committee for its five years of dedication in providing the crucial technical support that has been indispensable to the overall success of the DoC on the global stage.”

“It is appropriate to laud OPEC and non-OPEC countries for all that they have achieved in the half-decade since this path-breaking framework for multilateral energy cooperation was founded,” he stated, adding, “The undeniable success of the DoC and Charter of Cooperation is a clear indication that multilateral engagement and international cooperation are the most effective ways to address global challenges.”

The DoC was institutionalized on 10 December 2016 in Vienna, Austria, by OPEC Member Countries and 10 non-OPEC oil producing nations.

The Secretary General highlighted in his remarks that steady progress has been made on the global economic recovery, however he underscored the need to remain attentive to the prevailing uncertainties and shifting conditions, including those related to the new COVID-19 variant Omicron.

The OPEC and non-OPEC Ministerial Meeting – the DoC’s governing body – is supported by the JMMC, which is tasked with analyzing oil market conditions, 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.