OPEC+ Gave Oil Industry a Lifeline
OPEC+ gave the oil industry a lifeline when it needed it most.
That’s according to OPEC Secretary General Mohammad Sanusi Barkindo, who expressed the view at the ninth technical meeting of the OPEC and non-OPEC countries participating in the declaration of cooperation (DoC).
“Our joint efforts in rebalancing the market through voluntary production adjustments continue to be highly effective,” he said in his opening remarks at the meeting. “I must congratulate you all and express my great appreciation to your esteemed countries for the ongoing support and dedication to this landmark global energy cooperation,” Barkindo added.
“I would like to encourage all DoC participating countries to keep up the positive momentum we have made to date and ensure full and timely conformity in relation to our joint decisions … Through our responsible and effective joint contributions, we gave the industry a lifeline when it needed it the most,” he went on to say.
The technical meeting convenes twice a year to serve as a platform for DoC participants to discuss oil market developments and exchange views on various technical matters related to the energy sector, OPEC noted. The latest meeting, which was held online, was said to focus on assessing crude oil demand and supply, market balance, the post-Covid-19 oil market situation, and the impacts of DoC decisions on restoring balance and stability in the global oil market.
This meeting convened in advance of the 53rd meeting of the joint technical committee (JTC), the 31st meeting of the joint ministerial monitoring committee (JMMC), the 181st Meeting of the OPEC conference, and the 18th OPEC and non-OPEC ministerial meeting planned for July 1.
The technical meeting was established under the framework of the DoC signed on December 10, 2016, in Vienna, Austria. Its inaugural meeting was held in May 2017.
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