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2021-02-04 16:35:00

OIL MARKET WILL BE GOOD: 2021

OIL MARKET WILL BE GOOD: 2021

OPECVienna, Austria, 2 February 2021--The Joint Technical Committee (JTC) held its 48th meeting to assess oil market conditions and examine its developments and trends. The videoconference took place ahead of the 26th Meeting of the Joint Ministerial Monitoring Committee (JMMC) scheduled for tomorrow, Wednesday, 3 February 2021.

OPEC Secretary General, HE Mohammad Sanusi Barkindo, opened the meeting by highlighting the improving prospects for the global oil market and the world economy at large.

The global economy is forecast to grow by 4.4 per cent in 2021, a substantial shift from -4.1 per cent last year. “With the crude oil market currently switching into backwardation, we are hopeful that 2021 will be a good year for overall demand,” Barkindo said.

The Secretary General also underlined the effective role of the Declaration of Cooperation (DoC) in helping to restore confidence and balance in the global oil market throughout the COVID-19 pandemic, noting that the DoC has become a model platform for multilateralism and international dialogue.

Barkindo said that the DoC’s actions have benefited producing and consuming countries alike by supporting market rebalancing and stabilization.

“Our careful market monitoring, regular consultations, and step-by-step approach have been instrumental in providing much-needed support and assurance throughout the very, very difficult months of 2020, and continue to bear fruit for the market in 2021,” the Secretary General stated.

The JTC and JMMC were established under the framework of the landmark DoC, which was signed at the First OPEC and non-OPEC Ministerial Meeting on 10 December 2016 in Vienna, Austria. The JTC is the JMMC’s technical think-tank.

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