OPEC Economic Board Begins Review Of Global Oil Market 

Yemisi Izuora

The 135th Meeting of the Economic Commission Board (ECB) of OPEC has commenced via videoconference. The Board is the economic and technical think-tank of the Organization.

The two-day meeting which began yesterday will conduct a review of the global oil market and the world economy at large, and will address key topics relevant to the energy industry, such as investment, recovery expectations, and short- and long-term prospects of crude production.

OPEC Secretary General, Mohammad Sanusi Barkindo, opened the meeting by highlighting the vital and critical role of the Board in enriching the Organization’s decision-making process through thorough and detailed analyses of market conditions and emerging trends.

The Secretary General underscored the importance of the Secretariat’s outreach efforts to strengthen the producer-consumer dialogue and share the latest market insights in the interest of sustainable oil market stability.

The Secretary General underlined the strategic role of the Declaration of Cooperation (DoC) in overcoming two global oil cycle downturns in 2015 and 2020, the later caused by the COVID-19 pandemic, noting that Participating Countries have set up solid mechanisms to contribute to the return of oil market stability, including meeting on a monthly basis to review market conditions. The process has been underpinned by three key principles: transparency, equity and fairness.

“DoC Participating Countries have taken proactive and pre-emptive actions to help reduce volatility, stabilise the oil market and provide a flexible platform for recovery with potentially broader participation in the coming years,” Barkindo added.

Statutorily, the ECB meets twice a year in advance of the biannual Ordinary Meetings of the OPEC Conference, which are held in June and December. It comprises of the Secretary General as Chairman and the National Representatives of OPEC Member Countries as Members.

The 135th Meeting of the ECB is convening ahead of the 9th Technical Meeting of OPEC and non-OPEC Countries Participating in the Declaration of Cooperation, the 53rd Meeting of the Joint Technical Committee (JTC) and the 31st Meeting of the Joint Ministerial Monitoring Committee (JMMC) planned for 17, 29 and 30 June, respectively, and the 181st Meeting of the OPEC Conference and the 18th OPEC and non-OPEC Ministerial

Add Comment