Following the conclusion of the 26th OPEC and non-OPEC Ministerial Meetng, held via videoconference on 2 March 2022, and based on internal consultaton held exclusively by the OPEC and partcipatng non-OPEC oil-producing countries in the Declaraton of Cooperaton of (DoC), it was noted that current oil market fundamentals and the consensus on its outlook pointed to a well-balanced market, and that current volatlity is not caused by changes in market fundamentals but by current geopolitcal developments.
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