• Privacy Policy
  • Terms
  • About us
  • Contact Us
Thursday, March 30, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Natural Resources

OPEC joint Committee convenes to review oil market

OPEC

The Matters Press by The Matters Press
March 30, 2022
Reading Time: 2 mins read
0
Chamber wants to cut production

OPEC

The Organisation of Petroleum Exporting Countries (OPEC), Joint Technical Committee (JTC) of the Declaration of Cooperation (DoC), held its 61st meeting to examine the oil market situation and relevant trends.

RELATED POSTS

Zenith Bank grows gross earnings to N945.5bn in 2022

Afreximbank releases $10m finance facility to Parallex Bank

NLC, TUC concede two weeks to CBN to end cash crunch

The meeting took place via videoconference ahead of the 39th meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 27th OPEC and non-OPEC Ministerial Meeting (ONOMM).

OPEC in a statement to the News Agency of Nigeria (NAN) on Wednesday in Abuja said that the JTC was preparatory to the 39th JMMC and 27th ONOMM slated for March 31.

ALSO READ  CBN should deploy monetary tools to check inflation - Economist

In a remark, Dr Mohammad Barkindo, OPEC Secretary-General, highlighted vital roles played by the JTC in providing timely and reliable analysis of oil market conditions to facilitate decision-making processes, particularly during periods of uncertainty witnessed since the outbreak of COVID-19.

The Secretary-General also commended the efforts undertaken by the DoC participating countries in supporting stability and the rebalancing process in the global oil market.

“The heavy lifting done by the DoC countries has been instrumental in supporting these efforts.

“Leading international organisations and institutions came together in the early days of the pandemic to endorse efforts to stabilise the energy markets.

ALSO READ  Qatar quits OPEC

“This high level of cooperation provided pivotal support to collective efforts undertaken by DoC countries,” Barkindo said.

In reference to recent market developments, he said: “We urge global leaders to follow this example of multilateralism to once again ensure an unhindered, stable and secure flow of energy to the whole world.”

Barkindo enjoined the DoC participants to stay the course regarding the DoC decisions and remain vigilant and attentive to ever-changing market conditions.

“We must remain focused on balancing the oil market,” he said.

Barkindo said that world oil demand was projected to grow by around 4.2 mb/d in 2022 to reach 100.9 mb/d, exceeding pre-pandemic levels.

ALSO READ  OPEC not expecting oil market conditions to ease into 2023

Barkindo also welcomed plans by industry stakeholders to increase investment and launch new projects, including Aramoc’s intention to boost upstream capital spending by around 50 billion dollars this year.

“This underscores the commitment of the Kingdom of Saudi Arabia to address the world’s future energy needs,” he stated.

The Secretary-General concluded by wishing attending delegates a blessed Holy Month of Ramadan.

The OPEC and non-OPEC Ministerial Meeting – the DoC’s decision-making body – is supported by the JMMC, which is mandated to examine oil market conditions, review the conformity of the DoC voluntary production adjustments and recommend further actions.

Tags: OPEC
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Zenith Bank unveils N765.6bn gross earnings
Economy/Technology

Zenith Bank grows gross earnings to N945.5bn in 2022

March 29, 2023
Eswatini for $140m Afreximbank’s credit
Economy/Technology

Afreximbank releases $10m finance facility to Parallex Bank

March 29, 2023
New Naira notes unavailable even as CBN campaigns for acceptance
Economy/Technology

NLC, TUC concede two weeks to CBN to end cash crunch

March 29, 2023
Alibaba Group to split into 6 business units
Economy/Technology

Alibaba Group to split into 6 business units

March 29, 2023
Trading in Nigerian stock market dips further N83bn
Economy/Technology

Stock market dips by 1.2% amid profit-taking

March 29, 2023
Cash, petrol scarcity create food crisis in Nigeria
Agriculture

Domestic food prices remain high- World Bank

March 28, 2023
Next Post
Nigeria emerges Africa biggest energy sector

Nigeria adopts phase-down approach to energy transition

We have nothing to hide – NNPC

We have nothing to hide – NNPC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Missing fighter jet found dead

Missing fighter jet found dead

March 27, 2022
Luxury items, drinks to attract more VAT

FAAC shares N1.9trn in first quarter

April 23, 2019
Dangote Fertilizer in gas supply deal

Dangote fertilizer plant significant to agricultural development- NACCIMA

October 9, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Zenith Bank grows gross earnings to N945.5bn in 2022
  • Afreximbank releases $10m finance facility to Parallex Bank
  • NLC, TUC concede two weeks to CBN to end cash crunch

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?