The Organisation of Petroleum Exporting Countries (OPEC) has reported slight recovery of the global oil economy from the COVID-19 pandemic crisis.
The Secretary-General of OPEC, Mohammad Sanusi Barkindo, said the organisation had worked “shoulder-to-shoulder” to confront the market crisis for more than six months.
Barkindo spoke at the ongoing 45th Meeting of the Joint Technical Committee (JTC) of Declaration of Cooperation (DoC) participating countries
He advised the DoC to continue to provide the much needed stability for the oil market to fully recover from its slump.
The OPEC secretary-general expressed the hope that the worst of the current crisis of the coronavirus pandemic is over.
“I believe the worst of this current crisis of the coronavirus is over. I believe so because the recently released 2020 World Oil Outlook provides timely analysis and unique insights, which have helped examine market prospects and assess various scenarios related to COVID19 and other potential influences on oil and energy,” he said.
In spite of the development, he harped on the need for dialogue and cooperation to achieve a more sustainable and resilient energy system for the benefit of all.
“Hence the reason why the JTC of DoC participating countries has to advise the Joint Ministerial Monitoring Committee (JMMC) on oil market developments ahead of it’s meeting via videoconference on Monday, 19 October 2020,” he added.
The coronavirus pandemic had in March 2020 forced many economies to shut down as well as crashed prices of oil in the international market.
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