The JTC is the technical body of the JMMC. Both committees were created under the framework of the landmark 'Declaration of Cooperation' (DoC) signed on 10 December 2016 at the First OPEC and non-OPEC Ministerial Meeting held in Vienna, Austria.
The committees' mandate include reviewing global oil market conditions and developments, and monitoring the conformity levels to the voluntary production adjustments adopted by the DoC participating countries.
OPEC Secretary General, Mohammad Sanusi Barkindo, opened the meeting by highlighting the importance of dialogue and cooperation to better comprehend the global oil market, noting, 'The OPEC Secretariat has recently held a number of very enlightening high-level dialogues. These meetings have strengthened our understanding of the market's fundamentals from both producer and consumer perspectives.'
These meetings included the High-Level OPEC-Russia Dialogue, the High-Level OPEC-India Dialogue, the High-Level OPEC-EU Dialogue, and the High-Level OPEC-GECF Dialogue.
The Secretary General also reiterated the positive sentiment that recently emerged in light of the reports on the development of a vaccine to combat COVID-19, adding that if it proves effective, 'we may enter the new year with renewed confidence and the prospects for a return to more normal times.'
On world economy, Barkindo stated that the global GDP is forecast to decline by 4 per cent in 2020, with a prospect to grow by 4.4 per cent in 2021, with even higher growth rates anticipated in China and India.
The Secretary General underscored the need to remain vigilant and diligent in the months ahead, noting that global oil demand is projected at 90 mbpd this year, a drop of nearly 11 mbpd for the year compared to OPEC's January projections, with expected growth of 6 mbpd next year.
On the voluntary production adjustments, Secretary General Barkindo commended the unparalleled efforts undertaken by the 23 oil producing countries participating in the DoC to support oil market stability, adding that achieving full conformity is vital for the timely rebalancing objective.
Barkindo concluded by highlighting that the historic DoC will soon mark its fourth anniversary, turning to a unique page in the chapter of international cooperation and multilateralism in the oil industry. He said: 'The DoC has stood the test of time, proven its purpose in the face of very different market challenges, and affirmed the importance of steady collaboration.'
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OPEC - Organization of the Petroleum Exporting Countries published this content on 16 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2020 15:40:05 UTC
