Joint Ministerial Monitoring Committee Optimistic of Recovery in 2021
The 26th Meeting of the ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES (OPEC )Joint Ministerial Monitoring Committee has commended The progress made by Nigeria in the production cuts conformity.
The Committee also applauded the significant additional voluntary supply adjustment made by Saudi Arabia, taking effect from first February 2021 for two months, these they agree is exemplifying its leadership, as well as reiterates the need for a flexible and pre-emptive approach by all DECLARATION OF COOPERATION (DoC )members.
The joint Ministerial Monitoring Committee (JMMC) took place via videoconference on under the Chairmanship of Prince Abdul Aziz bin Salman, Saudi Arabia’s Minister of Energy, and Co-Chair Alexander Novak, Deputy Prime Minister of the Russian Federation.
The meeting applauded the ongoing positive contributions of the Declaration of Cooperation (DoC) in supporting a rebalancing of the global oil market in line with the historic decisions taken at the 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting.
The Committee reviewed the monthly report prepared by the Joint Technical Committee (JTC), including the crude oil production data for the month of December 2020. The meeting commended the positive performance of Participating Countries, Overall conformity with the original production adjustments was put at 101 per cent.
These the key players said reinforce the trend of high compliance by Participating Countries.
The Committee noted that since the April 2020 Ministerial Meeting, OPEC and non-OPEC countries have adjusted oil production down by a cumulative 2.1 billion barrels, which had stabilized the oil market and is accelerating the rebalancing process.
Participants pledged to achieve full conformity and make up for previous compensation short-falls, and stressed the importance of accelerating market rebalancing without delay.
The Committee observed that, while economic prospects and oil demand would remain uncertain in the coming months, the gradual rollout of vaccines around the world is a positive factor for the rest of the year, boosting the global economy and oil demand.