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The joint technical committee of (OPEC +) assesses the conditions of the oil market

31-03-2022

Today, Wednesday, the Joint Technical Committee of (OPEC +) held its 61st meeting via (video conference) technology to discuss oil market developments and trends. The holding of this meeting comes one day before the 39th meeting of the Joint Ministerial Monitoring Committee of (OPEC +) concerned with monitoring production cuts, and before its 27th virtual ministerial meeting to be held tomorrow, Thursday. At the beginning of the preparatory meeting, the Secretary-General of the Organization of the Petroleum Exporting Countries, Muhammad Barkindo, expressed his appreciation for the historic achievement of the members of the Joint Technical Committee, "appreciating their tireless efforts and their firm commitment to the goals of the (OPEC +) alliance declaration since its inception on December 10, 2016." Barkindo highlighted the vital role that the Technical Committee plays in providing reliable and timely analyzes of oil market conditions to facilitate relevant decision-making, particularly during periods of “the market uncertainty since the outbreak of the COVID-19 pandemic.” He also praised the efforts made by the countries participating in the coalition to support stability and restore balance to the global oil market. He noted that "the leading international organizations and institutions came together in the early days of the epidemic to support efforts to achieve stability in energy markets," stressing that "this high level of cooperation provided pivotal support for the collective efforts made by the countries of the (OPEC +) alliance." With regard to the situation of the oil market, he stressed the importance of maintaining the highest levels of vigilance and motivation to adapt to the ever-changing situation in order to ensure balance in the global oil market. Barkindo urged world leaders to follow the work style of the (OPEC +) alliance countries in dealing with the volatile oil market dynamics throughout the epidemic period and work to ensure the flow of energy security and stability to the entire world. Referring to OPEC's monthly oil market report, it indicated that global oil demand is expected to grow by about 4.2 million barrels per day in 2022 to reach 100.9 million barrels per day, exceeding pre-epidemic levels. Barkindo also welcomed the plans recently announced by the owners of industrial enterprises to increase investment and launch new projects, including the intention of (Aramco) to increase capital spending by about 50 billion dollars this year.