Industry and Energy

Home page

Industry and Energy

OPEC Chief praises deal on oil cuts as 'historic,' conducive to global alliance with G20

13 April 2020 10:09 (UTC +04:00)

OPEC Secretary General Mohammed Barkindo has welcomed the new deal reached during the extraordinary meeting of the OPEC-non-OPEC oil producers as "historic" in their volume and duration and potentially leading to a global alliance inclusive of G20, APA reports citing Sputnik.

Earlier in the day, the OPEC+ oil producers agreed to a new deal stipulating a collective reduction in output in a bid to stabilize the market.

"Secretary General #HEMohammadBarkindo highlighted the importance of the historic agreement reached at the 10th (Extraordinary) OPEC and non-OPEC Ministerial videoconference for the benefits of producers, consumers and the global economy," the OPEC Secretariat said on Twitter.

The statement quoted Barkindo as describing the video conference itself as "historic," given the extraordinary effects caused by the COVID-19 pandemic on the global economy and oil demand. They required "prompt and decisive response" by the OPEC+ members, he said.

"These production adjustments are historic; they are largest in volume and the longest in duration, as they are planned to last for two years. We are witnessing today the triumph of international cooperation and multilateralism which are the core of OPEC values," Barkindo said.