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04 May 2022

DoC technical committee convenes to review oil market developments

Vienna, Austria, 4 May 2022--The Joint Technical Committee (JTC) of the Declaration of Cooperation (DoC) today held its 62nd Meeting via videoconference to examine the conditions and emerging trends in the global oil market.

The Meeting was held in preparation for the 40th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 28th OPEC and non-OPEC Ministerial Meeting (ONOMM), both of which are planned for tomorrow, 5 May 2022.

In his remarks, OPEC Secretary General, HE Mohammad Sanusi Barkindo, recalled the two-year anniversary of the instrumental role played by OPEC Member Countries and non-OPEC oil-producing countries participating in the DoC following the outbreak of the COVID-19 pandemic in 2020.

“The uncontrolled chaos was met by a landmark decision from OPEC and non-OPEC countries in the DoC on April 12, one that would prove to be central to helping rescue the industry from the precipice on which it stood, and in turn, assist with the resuscitation of the global economy,” Barkindo stated.

“It was a decision that was unparalleled in scope and duration. A full and transparent commitment to help return market balance and stability, and this JTC has been vital to its success.”

The Secretary General also addressed the current uncertainties associated with geopolitical developments and the possible consequences for the oil market. He encouraged the DoC countries to continue cooperating through the historic framework in the interest of oil market stability and economic growth.

“It is vital we have stable energy markets, for both producers and consumers, as exhibited during the pandemic. In this regard, we urge global leaders to continue to support the type of multilateralism exhibited in the DoC, to ensure an unhindered, stable and secure flow of energy to the whole world,” he added.

Barkindo also wished the meeting’s attendees and the DoC participants Eid Mubarak. “I sincerely hope the occasion of Eid Al-Fitr was a joyful one for you and your loved ones, and that it brings peace, happiness and prosperity for all,” he said.

The Secretary General concluded by quoting Jalal ad-Din Rumi, who said: “Be a lamp, or a lifeboat, or a ladder. Help someone's soul heal. Walk out of your house like a shepherd,” referencing the holy month of Ramadan that has just concluded.

The ONOMM – 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.