Barkindo prides OPEC+ as responsible for current market stability
Lagos -- The SecretaryGeneral of the Organization of the Petroleum Exporting Countries, OPEC, Mohammed Barkindo, has attributed the stability in the global crude oil market and the recent rebound in the price of crude oil to the OPEC+ cuts - an initiative of
OPEC and
Russia. Speaking through videoconferencing to the 133rd Meeting of the Economic Commission Board, he said the industry was not out of the woods yet and that the recovery in global trade will be central to the revival of the oil market.
“I am confident that this Organisation will emerge from the current challenging and its allies led by unprecedente d times more united, stronger, and more forwardlooking
. We are not out of
the woods yet.
“But the historic OPEC+-led response to the current crisis is already helping to reduce volatility, stabilize the oil market, and to provide a platform for recovery and growth in the coming months and years,” he said.
OPEC+ had agreed to cut production by a combined 9.7 million barrels per day beginning from May this year. The group meets again this month to deliberate over further action.
Barkindo emphasised the need for timely and accurate data to help its various committees.
He stated that strategic decisions to further stabilise the oil market could only be reached when underpinned by up-to-date and in-depth analysis.
He also noted that the challenges created by the COVID-19 tragedy would require special attention to ensure that the OPEC Conference had access to quality and timely data, market information, and factbased assessments on current and projected conditions.