In his opening remarks, HE Mohammad Sanusi Barkindo, OPEC Secretary General, outlined the impact of the COVID-19 pandemic on the global economy and oil market, as well as the decisions taken by OPEC and its partners at the 9th and 10th OPEC and non-OPEC Ministerial Meetings on 9 and 12 April.

“As market conditions continued to deteriorate at the end of 1Q20 and the start of 2Q20, it became clear that urgent action was needed. Key stakeholders from around the world were lining up behind the DoC countries to support proactive, pre-emptive and decisive action to prevent a total market meltdown,” the Secretary General said.

“The production adjustments totaling 9.7 mb/d for two months, followed by phased reductions in the adjustment levels over a further 22 months, were unparalleled in scope and duration. The 2-yr period for output adjustments demonstrated the full commitment of all stakeholders to achieve noble common goals,” HE Barkindo added.

He concluded his remarks by stating, “Another pivotal outcome has been the encouragement and outpouring of support the DoC participants have received. This support came from the very highest levels of government ... The largest producers acknowledged their mutual interdependence and the benefits of working together to return confidence to the global oil market.”