By Teddy Nwanunobi
The Organisation of the Petroleum Exporting Countries (OPEC), on Wednesday, commended the rollout of the COVID-19 vaccines and large fiscal stimulus in some countries, saying that it was encouraging for economic recovery and oil demand.
Addressing the 28th meeting of the Joint Ministerial Monitoring Committee (JMMC) via videoconference, the Secretary General of the Organisation, HE Mohammad Sanusi Barkindo, briefed the committee on oil market developments since its last meeting.
Barkindo, however, noted that there are still uncertainties.
He stated that the uncertainties include: the prevalence of COVID-19 variants, the uneven rollout of vaccines, further lockdowns and third waves in several countries, and inflationary pressures and central bank responses.
Barkindo commended conformity levels from the Declaration of Cooperation (DoC), and the additional voluntary production adjustment by the King of the Saudi Arabia in February, March and April.
He quoted Jalāl ad-Dīn Muhammad Rūmī, saying: “If you want the moon, do not hide from the night. If you want a rose, do not run away from the thorns.”
Barkindo commended the ‘Shareek’ partner programme that was recently announced by His Royal Highness, Crown Prince Mohammed Bin Salman, of Saudi Arabia, strengthening partnership between the private and the public sectors, and highlighted its vital role in the prosperity and stability of global markets.
Valuechain reports that the meeting was chaired by the Saudi Arabia’s Minister of Energy, His Royal Highness Prince Abdul Aziz Bin Salman, and co-chaired by the Russian Deputy Prime Minister, His Excellency Alexander Novak.