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30 Mar 2022

DoC technical body convenes to review oil market developments

Vienna, Austria, 30 March 2022--The Joint Technical Committee (JTC) of the Declaration of Cooperation (DoC) held its 61st Meeting to examine the oil market situation and relevant trends.

The Meeting took place via videoconference in advance of the 39th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 27th OPEC and non-OPEC Ministerial Meeting (ONOMM), both of which are planned for tomorrow, 31 March 2022.

OPEC Secretary General, HE Mohammad Sanusi Barkindo, highlighted in his remarks the vital role played by the JTC in providing timely and reliable analysis of oil market conditions to facilitate relevant decision-making processes, particularly during periods of uncertainty witnessed since the outbreak of COVID-19.

The Secretary General also commended the efforts undertaken by the DoC participating countries in supporting stability and the rebalancing process in the global oil market.

“The heavy lifting done by the DoC countries has been instrumental in supporting these efforts,” Barkindo emphasized.

“Leading international organizations and institutions came together in the early days of the pandemic to endorse efforts to stabilize the energy markets,” Barkindo noted, stressing that “this high level of cooperation provided pivotal support to the collective efforts undertaken by the DoC countries.”

In reference to recent market developments, the Secretary General stated: “We urge global leaders to follow this example of multilateralism to once again ensure an unhindered, stable and secure flow of energy to the whole world.”

Barkindo also encouraged the DoC participants to stay the course regarding the DoC decisions and remain vigilant and attentive to ever-changing market conditions. “We must remain focused on balancing the oil market,” he said.

Referencing OPEC’s Monthly Oil Market Report, the Secretary General noted that world oil demand is projected to grow by around 4.2 mb/d in 2022 to reach 100.9 mb/d, exceeding pre-pandemic levels.

Barkindo also welcomed recently announced plans by industry stakeholders to increase investment and launch new projects, including Aramoc’s intention to boost upstream capital spending by around $50 billion this year. “This underscores the commitment of the Kingdom of Saudi Arabia to address the world's future energy needs,” he stated.

The Secretary General concluded by wishing attending delegates a blessed holy month of Ramadan. “O moon-faced Beloved, the month of Ramadan has arrived. Cover the table and open the path of praise,” he said quoting a poem by Jalal ad-Din Rumi.

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 actions. The JTC and the OPEC Secretariat provide the JMMC with technical support.