Secretary General of OPEC Urged to Take Measures to Stabilize the Oil Market
OREANDA-NEWS. OPEC Secretary General Mohammad Sanusi Barkindo called on member countries to take urgent measures to stabilize the oil market, even if decisions are not easy.
A statement was made during the OPEC+ ministerial meeting held in a video conference format on April 9. “It is imperative we take urgent action. It is in all of our interests, and it is also in the interests of consumers. That is not to say that any medicine will be easy; obviously, it won’t. [...] These difficult times require unparalleled flexibility and commitment,” Barkindo said.
He pointed out that the supply and demand gap in the market is “horrifying.” According to him, the overabundance of oil in the second quarter of 2020 will be unprecedented, and if the situation does not change, the lack of free space in world storage will appear in May. At the moment, more than 1 billion barrels of free capacity remain.