May 21, 2024
OPEC’s ECB meets for its 21st Special Meeting
JUST IN: OPEC+ raises Nigeria’s quota to 1.830 million bpd
– By Godswill Odiong

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The 21st Special Meeting of OPEC’s Economic Commission Board (ECB) commenced via videoconference.

The ECB is carrying out a detailed technical review of the Organization’s World Oil Outlook (WOO) 2021, including the COVID-19 pandemic challenge, as well as future developments related to energy policy and technology.

OPEC Secretary General, HE Mohammad Sanusi Barkindo, opened the meeting by highlighting the key role played by the ECB in providing reliable and valuable research output. He noted that its work feeds into various aspects of OPEC’s ongoing efforts to support oil market stability.

Referencing the COVID-19 pandemic, the Secretary General stressed that the combined efforts of OPEC and non-OPEC oil-producing countries participating in the Declaration of Cooperation (DoC), in addition to other positive factors, have provided support to the recovery process throughout the pandemic.

On the WOO 2021, Barkindo stated: “We will release the 15th edition of our flagship World Oil Outlook, which will reflect the swiftly evolving dynamics we continue to see in the global energy market.” He also outlined the publication’s key highlights.
The Secretary General underscored the importance of investment in oil and gas, noting, “OPEC Member Countries are fully committed to investing in their oil and gas industries and they understand that this is only possible through the sustainable stability that continues to be underpinned by the DoC partners.”
Among the topics to be discussed during the meeting are the world economy, demand and supply outlooks, refining prospects and key issues related to energy, including climate change, sustainable development and energy policies.

The meeting will hold its second and final installment on Monday, 13 September 2021.
The ECB is the Organization’s economic and technical think-tank. Its membership is made of the Secretary General as the Chairman, the National Representatives of Member Countries as Members and the Director of the Secretariat’s Research Division as the Board’s Coordinator.
The World Oil Outlook 2021 is scheduled to be launched this month.

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