The first meeting of the high-level working group to review the long-term strategy of the Organization of the Petroleum Exporting Countries (OPEC) was held in the presence of representatives of OPEC member countries. The meeting was chaired by Amir Hossein Zamaninia, Iran's OPEC Governor.
The meeting was held on Thursday.
During the meeting on the decision of the 179th OPEC Ministerial Conference (June 2020) to implement the OPEC Long-Term Strategy Review Program in 2021, a brief history of the implementation process and review of this strategy from the beginning of its approval in 2005 was presented and the importance of reviewing and updating this document over a five-year period in line with developments, challenges and emerging opportunities in the global oil and energy market was emphasized.
The schedule for the 2021 review process, which will be held in seven meetings between March and December this year, was discussed among the delegates who decided that after the meetings of the OPEC High-Level Strategy Review Working Group, the updated text of the strategy be submitted to the OPEC Ministerial Meeting in December 2021 for final approval.