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OPEC pledges to help world economy to recover from recession

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OPEC sees oil outlook for 1st half of 2021 full of downside risksBy Obas Esiedesa

Energy Minister of Saudi Arabia and Co-Chairman of Joint Technical Committee of OPEC+, Prince Abdul Aziz Bin Salman has declared that oil producing countries would help global economy recover from the impact of Covid-19 pandemic.

Speaking at the opening of the 13th OPEC and Non-OPEC Ministerial Conference on Monday, Bin Salman said production decision at the meeting would boost the world economy.

Also speaking at the videoconference, the new President of OPEC and Energy Minister of Angola, Mr. Diamantino Azevedo said countries are benefiting from the Declaration of Cooperation reached by the group in 2019.

The OPEC+ is group set by OPEC member countries and other leading oil producing countries led by Russia to help shore-up the price of crude oil at the international market following unprecedented fall in demand.

The collaboration has seen price rebound from the lows of 2019 and 2020 to trade around $50 per barrel for Brent Crude.

Last December, the group agreed to hold monthly meetings after production was boosted by 0.5million barrels.

Mr. Azevedo noted that countries should be proud of what has been achieved in the face of unprecedented world crisis.

He stressed that African countries lack the resources to put forth huge economic stimuli as done by other developed countries, urging rich countries to support those that are struggling.

The challenge is greater than any single country to surmount, countries will achieve more by working together.

On his part, JTC Co-Chairman and Russian Deputy Prime Minister, Alexander Novak expressed hope that in 2021 oil demand will recover and that the market will stabilise.

READ ALSO: Nigeria’s oil rig count dips by 30%

Novak noted that there are a lot of uncertainties at the global stage which are difficult to predict.

“I hope that in 2021 we do see recovery of the market and we do see significant recovery of demand as we have been expecting in calculations as an indication of global economic recovery and an end to the pandemic”.

He however stated that the monthly meetings instrument would allow the group analyse situations and make decisions quickly.

He also expressed the hope that participating countries would make the right decision in stabilizing the market and recover production.

The meeting was attended by Nigeria’s Minister of State Petroleum Resources, Chief Timipre Sylva amongst others.

Vanguard News Nigeria

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