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01 Feb 2022

DoC technical body meets to examine oil market conditions

Vienna, Austria, 1 February 2022--The Joint Technical Committee (JTC) of the Declaration of Cooperation (DoC) convened today for its 59th Meeting to examine the developments in the global oil market and emerging trends.

The Meeting was held in preparation for the 37th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 25th OPEC and non-OPEC Ministerial Meeting scheduled for tomorrow, 2 February 2022.

In his opening remarks, HE Mohammad Sanusi Barkindo, OPEC Secretary General, thanked the JTC’s Members for their tireless efforts and firm commitment to the Committee’s mission. He emphasized that the Committee’s work continues to provide essential support to the DoC process. 

The Secretary General commended the ongoing efforts of the DoC countries to promote oil market stability amidst rising volatility.

“I commend the DoC producers for their ongoing resilience in constantly adapting to the volatile oil market dynamics that we have witnessed throughout this pandemic and continue to see now,” he stated.

The Secretary General added that this measured, nimble and facts-based approach “continues to reinforce a sense of stability and reassurance to the market”.

“This highly effective DoC framework has stood the test of time and continues to be regarded as an industry-leading instrument for global energy cooperation,” he concluded.

The Secretary General quoted Jalal ad-Din Muhammad Rumi, who said: “It is your road, and yours alone, others may walk it with you, but no one can walk it for you.”

The OPEC and non-OPEC Ministerial Meeting – the DoC’s decision-making body – is supported by the JMMC, which is tasked with examining oil market conditions, reviewing the conformity of the DoC voluntary production adjustments and recommending further decisions. The JTC and the OPEC Secretariat provide the JMMC with technical support.