The OPEC + alliance played a key role in the recovery of the oil market
The OPEC + alliance has taken decisive action to help reduce volatility in the oil market, OPEC Secretary General Mohammad Barkindo said on Tuesday at the opening of the meeting of the Economic and Technical Think Tank of the OPEC.
“DoC participating countries have taken proactive and preventive measures to help reduce volatility, stabilize the oil market and provide a flexible platform for the recovery with potentially wider participation in the years to come,” said Barkindo , opening the meeting of the Board of Directors of the Economic Commission.
The two-day meeting, held twice a year, takes stock of the state of the world oil market and the global economy. The board will consider topics such as investment, recovery expectations and the short- and long-term prospects for crude oil production, OPEC said today.
OPEC Economic Commission Council meetings usually precede the biannual regular meetings of the OPEC Conference, which are held in June and December.
In June, the meeting of the OPEC Economic and Technical Think Tank will precede the meeting of the Joint Technical Committee (JTC) and the Joint Ministerial Monitoring Committee (JMMC) scheduled for June 17, 29 and 30, respectively, as well as the meeting OPEC + scheduled for July 1.
This week’s busy meetings at the end of the month will be closely watched by the market looking for clues about OPEC + production policy after July 1, OPEC’s position in the oil market and long-term opportunities and challenges for the oil industry. Additional information on OPEC’s expectations for global economic growth and oil demand may also emerge.
Global oil demand will increase by 6 million barrels per day (bpd) this year from lows in 2020, driven by strong consumption in China and the United States, particularly in the second half of 2021 with growing economies and reopening of borders, OPEC said recently. week in its June Monthly Oil Market Report (MOMR).
By Tsvetana Paraskova for OilUSD
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