OPEC Upbeat about Oil Market Recovery

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Mohammad Barkindo

Peter Uzoho

The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Mr. Mohammad Barkindo, has stated that the organisation and its member and non-member countries would soon surmount the current crisis in the global oil market, which was triggered by the COVID-19 pandemic.

Barkindo said this yesterday in his remark at the 133rd meeting of the OPEC Economic Commission Board (ECD) held via video conferencing.

He said the historic response led by the OPEC+ was already helping to reduce volatility, stabilise the oil market, and to provide a platform for recovery and growth in the coming months.

“I am confident that this organisation will emerge from the current challenging and unprecedented times more united, stronger and more forward-looking. We are not out of the woods yet. But the historic OPEC+-led response to the current crisis is already helping to reduce volatility, stabilise the oil market, and to provide a platform for recovery and growth in the coming months and years,” he said.

Barkindo also at the meeting announced that work was in earnest to finalise the release of the 55th Edition of the Annual Statistical Bulletin and the 14th Edition of the World Oil Outlook (WOO) in November.

He said this year’s WOO would extend the outlook by another five years, adding that it will feature a chapter on the major uncertainties related to future oil demand and supply, taking into account factors such as the impact of the COVID-19 pandemic.

According to him, “A version of the WOO will be provided to the Special Meeting of this Board in September this year. Your valuable input will feed into the final publication of the WOO in early November.

“I would point out that these are not only important sources of information for our member countries. They are must-have publications for the industry, the media, analysts and many other stakeholders. Our publications – along with the regularly updated data and information that we make available through our website– add enormous value to the organisation’s strategic outreach to the broader community. They also underscore our commitment to dialogue, cooperation and transparency”.

He said in celebration of the 60th anniversary of OPEC in September, the secretariat will publish a tome on the history of the organisation to date, explaining further that it will “chronicle the many great moments over the years – including the challenges we have overcome through cooperation, and the opportunities we have embarked on through shared purpose and vision.

It will be a timely reflection of six decades of OPEC history in the year of COVID-19”.