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The Secretary-General of OPEC praises the role of His Highness the late Amir in concluding the cooperation agreement between producers

16-10-2020

The Secretary General of the Organization of the Petroleum exporting countries (OPEC) Muhammad Barkindo has confirmed that the late Amir of the country his highness Shiekh Sabah Al-Ahmad Al-Jaber Al-Sabah may rest in peace played a big role by breaking the deadlock and paving the way for the Declaration of cooperation fertile between producers from in and outside the organization on December 10,2016. Barkindo said in his at the 46 meeting of the Joint Technical committee of producers that the attention and dedication of the late Amir with his keen interest on ensuring the stability of the oil market and his diplomacy for the conclusion of a cooperation agreement between producers, which helped stop the deterioration prices, restore and rebalance the market. The Joint Technical committee held its 45 meeting through via video conference in preparation for the Joint Ministerial committee on monitoring the production reduction agreement meeting which is scheduled for October 19. The OPEC Information Department mentioned in a statement that the committees were authorized to review the conditions and purposes of the global oil market and monitor the confidence level within the voluntary production adjustments which was approved by the Ministerial meeting producers from in and outside the OPEC. The Secretary General of OPEC noted since the outbreak of Covid-19 over six months ago, we have worked side by side to face market crisis in history. Also, it was mentioned that the serious challenges were posed by this pandemic to challenge all of us, by pointing the emergence of a second wave of the disease which has indeed compounded human tragedy and uncertain economic. The OPEC’s monthly report has explained that the oil market expected the global domestic product to drop about 4 percent this year and rise again about 6.4 percent in 2021. Also, it was explained that the outlook for the oil demand for 2020 which remains over 90 million barrels a day 10 percent to drop this year. Barkindo has reviewed the long-term outlook for the oil market, noting that the OPEC annual report which was released last Thursday sees the global energy demand rising and continuing to grow by a 25 percent dramatic increase over the next 25 years. The oil is expected to hold the largest energy mix for 28 percent in 2045. The Secretary General was concluded by noting the worst of the current crisis may be over, however history has taught us that our need for cooperation has no end by achieving more sustainable and resilient energy system for all.