Caspian Energy (CE): Has the COVID-19 pandemic changed the global oil market, and if so, what are the main takeaways from developments over the past two years?
H.E. Mohammad Sanusi Barkindo, OPEC Secretary General: In various ways, the pandemic has changed the nature of the way we monitor, analyze and take decisions. The often unpredictable aspects of COVID-19, not only its spread, but also the sporadic impact of lockdowns and restrictions, locally, regionally and globally, have underscored the increasing need to be attentive and proactive, which has been exhibited through our regular monthly meetings of participants in the Declaration of Cooperation (DoC).
In general, however, the overall oil market dynamics have changed little and the focus of OPEC and the DoC has remained on the need for market balance and stability, albeit in the face of a devastating pandemic.
Additionally, the implications of the pandemic have also reinforced the importance of cooperation. The value of cooperation was clear during the early stages of the pandemic, when both producers and consumers at the very highest levels, including through the G20, came together to support the actions of the DoC.
Looking back on this time, we showed that we could stare down the horrific situation we faced through the enduring timelessness of the principles and key tenets of international cooperation.
Multilateralism and cooperation has a long history, but it has perhaps never been more important to the world as we look, build and shape today’s architectures for tomorrow. It will also be vital for the energy transition, which is both a massive challenge and an enormous opportunity in the decades ahead.
Please login or subscribe to read the full article.
Login / Subscribe