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The Meeting took place via videoconference in advance of the 39th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 27th OPEC and non-OPEC Ministerial Meeting (ONOMM), both of which are planned for tomorrow, 31 March 2022.<\/p>\n
OPEC Secretary General, HE Mohammad Sanusi Barkindo, highlighted in his remarks the vital role played by the JTC in providing timely and reliable analysis of oil market conditions to facilitate relevant decision-making processes, particularly during periods of uncertainty witnessed since the outbreak of COVID-19.<\/p>\n
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.<\/p>\n
\u201cThe heavy lifting done by the DoC countries has been instrumental in supporting these efforts,\u201d Barkindo emphasized.<\/p>\n
\u201cLeading international organizations and institutions came together in the early days of the pandemic to endorse efforts to stabilize the energy markets,\u201d Barkindo noted, stressing that \u201cthis high level of cooperation provided pivotal support to the collective efforts undertaken by the DoC countries.\u201d<\/p>\n
In reference to recent market developments, the Secretary General stated: \u201cWe 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.\u201d<\/p>\n
Barkindo also encouraged the DoC participants to stay the course regarding the DoC decisions and remain vigilant and attentive to ever-changing market conditions. \u201cWe must remain focused on balancing the oil market,\u201d he said.<\/p>\n
Referencing OPEC\u2019s Monthly Oil Market Report, the Secretary General noted that world oil demand is projected to grow by around 4.2 mb\/d in 2022 to reach 100.9 mb\/d, exceeding pre-pandemic levels.<\/p>\n
Barkindo also welcomed recently announced plans by industry stakeholders to increase investment and launch new projects, including Aramoc\u2019s intention to boost upstream capital spending by around $50 billion this year. \u201cThis underscores the commitment of the Kingdom of Saudi Arabia to address the world’s future energy needs,\u201d he stated.<\/p>\n
The Secretary General concluded by wishing attending delegates a blessed holy month of Ramadan. \u201cO moon-faced Beloved, the month of Ramadan has arrived. Cover the table and open the path of praise,\u201d he said quoting a poem by Jalal ad-Din Rumi.<\/p>\n
The OPEC and non-OPEC Ministerial Meeting \u2013 the DoC\u2019s decision-making body \u2013 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.<\/p>\n<\/p><\/div>\n