Energy ministers discuss COVID-19 impact on oil markets

EYEAFRICA TV: Algiers, Algeria: The works of the 18th OPEC-non-OPEC Joint Ministerial Monitoring Committee began on Wednesday in Vienna (Austria), in the presence of Energy Minister and President of the OPEC Conference, Mohamed Arkab.

In his opening address, Arkab affirmed that “the outcome of the Declaration of Cooperation (OPEC-non OPEC) can only be achieved through the combined efforts of all the participating countries.”

The Energy Minister added that the “unprecedented” cooperation under this agreement which begins its 4th year, “helped to restore confidence and achieve stability of the oil market”, voicing pride that “the first initiatives of Algeria resulted in this Declaration.”

“We, OPEC and non-OPEC major and small producers, share the positive outcomes with a view to restoring confidence and maintaining the market stability,” he said.

Even in hard times, “we have demonstrated that dialogue and cooperation are two main elements for success,” he added.

However, the outbreak of the coronavirus had a negative impact on travel, transport and production sectors,” stressed Arkab, deploring “the rapid development of the situation.”

The Minister also expressed his wish to see “the urgent mobilization of resources, in China and around the world, limit this impact and find a drug or a vaccine against this virus.”

He also warned against “the risk of long-term spread of the new Covid-19 which would weaken economic growth and oil markets.”

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