VIENNA, Mar 31 (NNN-AGENCIES) – The head of the Organisation of Petroleum Exporting Countries (OPEC), yesterday called on global leaders, to uphold multilateralism to ensure “unhindered, stable and secure” energy flow to the global market.
OPEC Secretary-General, Mohammad Sanusi Barkindo, made the remarks at a virtual meeting of the joint technical committee of OPEC and its allies, a group known as OPEC+.
Barkindo hailed efforts made by OPEC+ countries, in supporting stability in the global oil market and called on them to remain attentive to changing market conditions, and keep the focus on balancing the market, according to a statement released by the OPEC.
Yesterday’s meeting of the OPEC+ joint technical committee was held, to examine the oil market conditions and to provide advice for the OPEC+ ministerial meeting today. The ministerial meeting, the decision-making body of OPEC+, will announce the production plans in May.
In July, 2021, OPEC+ agreed to raise oil output by 400,000 barrels per day each month, to gradually unwind the production cuts made at the height of the COVID-19 pandemic in 2020.
The oil-producer group has since been sticking to the plan, despite calls from top consumers, including the United States, to further boost supplies to rein in soaring oil prices, amid demand recovery and geopolitical tensions.– NNN-AGENCIES
