OPEC Secretary General highlights DoC’s positive contributions to market stability

No 06/2023
Vienna, Austria
30 May 2023

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), HE Haitham Al Ghais, underscored the positive contributions made by OPEC Member Countries and non-OPEC oil-producing countries participating in the Declaration of Cooperation (DoC) to support sustainable stability in the global oil market.

The Secretary General made these remarks on Tuesday, 30 May 2023, during the 139th Meeting of OPEC’s Economic Commission Board (ECB). The meeting is planned for two days: 30-31 May 2023.

The Secretary General also stated that “this group of countries have, when required, undertaken extraordinary efforts to stabilize the oil market in these extraordinary times, in the interests of producers, consumers, the oil industry and the wider global economy.”

While highlighting the investment challenges facing the oil industry, the OPEC Secretary General noted that “underinvestment has resulted in shrinking spare capacity, production constraints and reduced refinery output at a time when demand for crude and oil products continues to rise.”

“All industry policymakers and stakeholders need to work together to ensure a long-term investment-friendly climate, with sufficient finance available. One that works for producers and consumers, and developed and developing countries,” Al Ghais said.

The ECB is the Organization’s economic and technical think-tank, which meets twice a year in advance of the biannual Ordinary Meetings of the OPEC Conference. The Board regularly reviews market conditions and developments in the world economy.

A group photo

A group photo