.Barkindo, OPEC


By Udeme Akpan

THE Organisation of Petroleum Exporting Countries, OPEC and Non-OPEC oil ministers, have concluded plans to hold the 35th Meeting of the Joint Ministerial Monitoring Committee (JMMC) as instability threatens the global oil market.

The crucial engagement is scheduled to hold on December 2, 2021, after 182nd Meeting of the OPEC Conference on December 1.

The prices of many crudes had hovered at $85 per barrel in October 2021, but dropped to $70 per barrel yesterday, due to the spread of the Omicron Variant, which has resulted in lockdown, low demand and revenue of exporting countries.

The meeting of the JMMC aims at reviewing developments in the market and finding solutions to them in order to achieve lasting stability.

Already, OPEC has expressed commitment to the Declaration of Cooperation, DoC, which was reached at the 171st Meeting of the OPEC Conference, held on 30 November 2016 in Vienna, Austria.

In a statement obtained by Vanguard, it stated: “The milestone meeting built on the successful ‘Algiers Accord’, reached in Algiers, Algeria, on 28 September 2016 at the 170th (Extraordinary) Meeting of the OPEC Conference and paved the way for the historic Declaration of Cooperation (DoC) between OPEC Member Countries and leading non-OPEC oil-producing nations to work together in the interest of sustainable oil market stability.

“The Conference saw OPEC Member Countries reinforce their joint efforts to overcome a then-unprecedented oil market downturn, reduce inventory overhang, particularly in the Organisation for Economic Co-operation and Development, OECD region, and revive the necessary investment to support energy security and market stability in the short, medium and long terms.”

However, recalling the momentous meeting, OPEC Secretary-General, HE Mohammad Sanusi Barkindo, stated: “The volatility seen in the oil market in 2016 was unprecedented for many; however, there was a strong consensus that the way forward requires collaboration, leadership and extensive diplomacy – some of the key characteristics that have underpinned the Organization’s work since its founding 61 years ago.

“The ‘Vienna Agreement’ constitutes a historic moment in the history of the oil industry, as well as in international cooperation and multilateralism, as it led to the institutionalization of a global framework that not only helped the oil industry immediately, but also years later when the COVID-19 pandemic broke out in 2020 and caused a severe oil market contraction.”

Vanguard News Nigeria

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