Russia aligns as OPEC takes final decision on oil output cut
Barkindo
Another meeting of Organisation of Petroleum Exporting Countries (OPEC) on oil output cut has just ended on Easter Sunday, 72 hours after an earlier online gathering took place.
We will bring full details of the outcome of the meeting.
However, here is the full remarks by OPEC Secretary General
Brief high-level remarks by OPEC Secretary General, HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting, 12 April 2020, via webinar.
Excellencies,
I cannot overstate the fact that this is a critical juncture for the talks between OPEC and non-OPEC countries participating in the ‘Declaration of Cooperation’.
The people whose lives depend on this vital industry, many of whom work in our home countries, are waiting on us; the entire oil sector is expectant; the whole world is watching us.
On Thursday and Friday last week, we took the responsive and responsible action to focus on adjusting crude oil production by 10 mb/d beginning on 1 May 2020, for an initial period of two months; then by 8 mb/d from July to December 2020; and by 6 mb/d for the period of January 2021 to April 2022, in the interests of producers, consumers, and the global economy.
It can only be described as an historic meeting, and it built momentum for support at the G20 Extraordinary Energy Ministers Meeting on April 10, with both producers and consumers participating.
This was forthcoming in the statement from the G20 meeting with a commitment to work together “in the spirit of solidarity”. It also recognized the commitment of the producers in the OPEC+ group to stabilize energy markets and acknowledged the importance of international cooperation in ensuring the resilience of energy systems.
Now we need to ensure as a group that we deliver on these expectations. We need to iron out any marginal differences to reach a consensus decision. We need to get this deal over the line.
The consequences of not finding a solution and unanimity today do not bear thinking about.
The markets will react with a bearish ferocity when they open on Monday. We will all bear witness to uncontrolled chaos.
It was the great, principled and courageous Nelson Mandela, who once said:
“Difficulties break some but make others. No axe is sharp enough to cut the soul of a sinner who keeps on trying, one armed with the hope that he will rise even in the end.”
We need to channel this sentiment. We need to take the lead.
The multi-faceted challenges thrown up by the unparalleled COVID-19 pandemic, need comprehensive and ‘global’ solutions.
I am optimistic that we can seal this deal, with unity and courage for the common cause of oil market stability, in the interests of all stakeholders.
Thank you. (culled from the Blueprint)
