The Organisation of Petroleum Exporting Countries (OPEC), 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 ahead of the 39th meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 27th OPEC and non-OPEC Ministerial Meeting (ONOMM).
OPEC in a statement to the News Agency of Nigeria (NAN) on Wednesday in Abuja said that the JTC was preparatory to the 39th JMMC and 27th ONOMM slated for March 31.
In a remark, Dr Mohammad Barkindo, OPEC Secretary-General, highlighted vital roles played by the JTC in providing timely and reliable analysis of oil market conditions to facilitate 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.
“Leading international organisations and institutions came together in the early days of the pandemic to endorse efforts to stabilise the energy markets. “This high level of cooperation provided pivotal support to collective efforts undertaken by DoC countries,” Barkindo said.
In reference to recent market developments, he said: “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.”