OPEC+ countries discussed the situation on the oil market during a technical meeting held on Thursday via videoconference, OPEC said in a statement.

 «Today's meeting was devoted to assessing the supply and demand of oil, the market balance, the situation in the oil market in connection with COVID-19, as well as the impact of the decisions of the OPEC+ deal on restoring balance and stability in the world oil market,» the OPEC said.

 OPEC Secretary General Mohammed Barkindo, quoted in the message, said the technical meeting provided OPEC + countries involved in the oil deal with an opportunity to discuss technical issues and share information on the challenges facing the global oil market, Interfax reported.

 «I would like to urge all countries participating in the OPEC + deal to maintain the positive dynamics (of deal execution – IF), which exists today, and to ensure full and timely compliance with our joint decisions,» Barkindo said.

 “Through our responsible and effective joint contribution, we have given the industry a lifeline when it needed it most,” he stressed.

 The OPEC+ technical meeting is held twice a year to discuss developments in the oil market and exchange views on various technical issues related to the energy sector.

 The technical meeting on Thursday was convened ahead of the meeting of the Joint Technical Committee (JTC) and Joint Ministerial Monitoring Committee (JMMC) scheduled for June 29 and 30, respectively, and the OPEC+ ministerial meeting on July 1.