The OPEC Secretary General of Organization of the Petroleum Exporting Countries Mohammad Sanusi Barkindo on Wednesday underscored the importance of the efforts by the Declaration of Cooperation (DoC) Participating Countries in accelerating the rebalancing process in the global oil market.Â
“As we approach the final quarter of 2021, it is clear that this has been a year of recovery,” he stated while participating via videoconference in the 55th meeting of the Joint Technical Committee (JTC) to examine oil market developments.
The meeting was held in preparation for the 33rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 21st OPEC and non-OPEC Ministerial Meeting (ONOMM) planned for October 4.
“The commitment by all DoC Participating Countries to reach their voluntary production adjustment levels and ensure that compensation volumes are met is contributing to the positive market momentum we are seeing this year,” Barkindo said.
The Secretary General noted that the latest decisions of the DoC continue to help balance the market fundamentals, by addressing rising demand while guarding against potential excess in supply.
Barkindo also stressed the need to remain cautious and attentive to an ever-evolving market situation, emphasizing, “Constructive engagements in a transparent fashion based on mutual respect among all Participating Countries remain key to our success.”