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01 Mar 2022

The Joint Technical Committee meets to review oil market conditions

Vienna, Austria, 1 March 2022--The Joint Technical Committee (JTC) of the Declaration of Cooperation (DoC) held its 60th Meeting today via videoconference to examine the latest developments in the global oil market.

The Meeting was held in preparation for the 38th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 26th OPEC and non-OPEC Ministerial Meeting (ONOMM), both of which are scheduled for tomorrow, 2 March 2022.

In his remarks, OPEC Secretary General, HE Mohammad Sanusi Barkindo, congratulated the Committee’s Members on reaching the 60-meeting milestone. He emphasized that the Committee, since its inception following the signing of the DoC on 10 December 2016, has played an instrumental role in the framework’s unparalleled success, which has aimed to support oil market stability.

The Secretary General noted the impact of the global geopolitical situation and the uncertainties related to the COVID-19 pandemic on energy and the oil market.

In this context, Barkindo encouraged the DoC’s 23 participating countries to remain proactive, nimble and attentive to changing market conditions.

“No matter what challenges we may face, our efficacious and proven DoC framework will continue to be the modus operandi for our joint success and help move us, step by step and day by day, closer to achieving our common objectives,” he stated. “This nimble and measured approach will once again pay off.”

“We will continue monitoring these developments very closely in the days and weeks to come,” Barkindo said.

On the oil market, the Secretary General noted that global oil demand is projected to rise by 4.2 mb/d in 2022, referencing OPEC’s latest Monthly Oil Market Report.

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