OPEC vows to ensure stable oil supply

The Organisation of Petroleum Exporting Countries has vowed to commit to a stable oil market, a revived global economy and a brighter future for everyone.

The Angolian Prime Minister of Mineral Resources and Petroleum, Dr. Diamantino Azevedo, said this through the official Twitter handle of OPEC at their 14th virtual meeting.

He reiterated the need for a high level of vigilance in line with the ongoing uncertainty in the market, adding that the measured approach was the only way to achieve a sustainable stability and fully support global economy recovery.

Meanwhile, Russian Deputy Prime Minister, Alexander Novak, who co-chaired the meeting, charged participating countries to remain committed to the voluntary production adjustments and to reach their full conformity.

He said, “A large number of uncertainties still remain and the key one being the pace of the spread of Coronavirus Disease infections. The oil sector has not fully recovered, though we are in a better shape than few months ago. The roll out of vaccines has helped.”

Chairman of OPEC and Saudi Arabian Minister of Energy, in his opening speech, highlighted the improvement in the global oil market since the organisation’s last meeting in January.

Noting that Nigeria had successfully completed its compensation process, he added that only a few countries were yet to fulfil their voluntary adjustment.

Secretary-General of OPEC, Muhammad Barkindo Sanusi, maintained that the significant benefit achieved from the largest production adjustment in oil industry history in April 2020 was achieved through cooperation, dialogue and respect among nations.

“It is vital to maintain vigilance as uncertainties remained, and we should not get ahead of ourselves. We need to proceed with caution guided by the date and analysis, to continue to make informed decision.”

Anozie Egole
Anozie Egole
Anozie Egole is a Transport correspondent. He reports Maritime, Aviation and Rail/Road Transport for Financial Street.

Get in Touch


Please enter your comment!
Please enter your name here

Related Articles