The Organization of the Petroleum Exporting Countries has revealed that it is monitoring the global oil market developments as it is aware of the underlying risks in the oil sector.
In the past 30 months OPEC and its partners in the ‘Declaration of Cooperation’ have continually demonstrated its commitment to do whatever it takes to balance and stabilize the oil market, in the interests of both producers and consumers.
This was revealed by the organization’s Secretary General, Mohammad Barkindo. While speaking to the RBC Energy Conference via teleconference, he said; “We also recognize the fact that underlying risks remain. We are closely monitoring oil market developments, which have seen a high level of volatility in recent weeks, with major challenges and uncertainties related to ongoing trade negotiations, monetary policy developments, as well as geopolitical issues.
“The economic bearishness has led to many institutions revising down their expectations for the global economy and consequently oil demand growth. As you all know, there has also been a significant change in market sentiment, in both equity and financial markets, as attention is increasingly being focused on the Federal Reserve and the trade negotiations”.
The General Secretary also shared that attempts will be made to underscore that all countries remain resolute in continuing to deliver on this commitment for the remainder of 2019 and beyond when the next OPEC Ministerial Conference and the OPEC and non-OPEC Ministerial Meeting, convene in the coming weeks.