OPEC participates in the International Monetary and Financial Committee Meeting

Vienna, Austria, 8 April 2021--OPEC Secretary General, HE Mohammad Sanusi Barkindo, took part in the International Monetary and Financial Committee Meeting, which is part of the spring meetings of the International Monetary Fund and the World Bank Group’s Board of Governors.

The meeting, which was held via videoconference, focused on the world’s ongoing efforts to recover from the economic fallout brought on by the COVID-19 pandemic a little more than one year ago.

In his statement, the Secretary General noted that the world economy and the global oil market are currently recovering from one of the most severe crises seen in recent history, adding that both domains have recently witnessed improved prospects.

The most recent edition of OPEC’s Monthly Oil Market Report projects global economic growth to rise by 5.4 per cent in 2021, while world oil demand is estimated to increase by around 6 mb/d. Non-OPEC supplies are forecast to grow by around 1 mb/d.

The Secretary General highlighted the importance of international energy cooperation in responding to large-scale uncertainties, presenting the historic Declaration of Cooperation (DoC) as a successful and proven framework that has supported oil market stability during two cycles of high volatility.

“In response to the global [pandemic] and the massive oil demand contraction, OPEC and 10 non-OPEC participating countries under the DoC acted swiftly and decisively to contribute to more stability in the oil market by voluntarily adjusting [oil] production,” Barkindo stated, adding, “These [voluntary adjustments] are the largest and longest in duration in the history of the oil industry, lasting until well into 2022.”

The Secretary General explained that OPEC Member Countries and their DoC partners were united by a common cause and, through solidarity and unity, were able to respond effectively to market challenges, confirming their unwavering commitment to sustainable oil market stability.

“These joint efforts succeeded in driving down the high level of commercial oil inventories,” he added.

HE Mohammad Sanusi Barkindo, OPEC Secretary General

HE Mohammad Sanusi Barkindo, OPEC Secretary General