From Uche Usim, Abuja
As crude oil prices gain traction in the international market, the Technical Committee (JTC) of the Declaration of Cooperation (DoC) of the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC countries are reviewing the latest market developments to articulate a future action.
This was contained in the statement it issued from Vienna in Austria on Thursday.
In his remarks, OPEC Secretary-General Mohammad Sanusi Barkindo acknowledged the role carried out by the JTC in providing high-quality technical analyses of the latest oil market developments. He added that the research and assessments conducted by the Committee serve as a crucial input to the DoC’s decision-making process.
He noted that discussions will build on the successful deliberations of the 135th Meeting of OPEC’s Economic Commission Board (ECB) held on 15 and 23 June and the 9th Technical Meeting of OPEC and non-OPEC oil-producing countries participating in the DoC held on 16 June.
He hailed the commitment and efforts demonstrated by the DoC participating countries since the outbreak of the COVID-19 pandemic, stressing that ‘the DoC participants clearly continue to play an important and valuable role in accelerating the oil market rebalancing process.’
On COVID-19 and the recovery process, Barkindo stated: ‘The overall brighter picture in relation to the pandemic recovery efforts has led to significantly improved oil market conditions and prospects for future growth.’
In its June’s edition, OPEC’s Monthly Oil Market Report projected global oil demand to rise by 6 mb/d in 2021, while world economic growth is forecast at a rate of 5.5 per cent in the same period.
The Secretary-General quoted the 13th-century philosopher and scholar Jalal ad-Din Rumi, who said: ‘Everyone has been made for some particular work, and the desire for that work has been put in every heart.’
The Secretary-General paid tribute to all Members of the Committee, in particular its Chairman, Eng Adeeb Al-Aama, Saudi Arabia’s Governor for OPEC, and Co-Chair Denis Deryushkin of the Russian Federation for discharging their responsibilities with distinction during the most challenging period in the history of oil.