Members of the African Petroleum Producers' Organization (APPO), have spoken in favor of a much anticipated 9th OPEC and non-OPEC ministerial meeting in light of the deteriorating global oil situation, distinguished by huge volatility in the oil markets caused by the coronavirus pandemic, the organization wrote in a joint communique published on Thursday
MOSCOW (Pakistan Point News / Sputnik - 09th April, 2020) Members of the African Petroleum Producers' Organization (APPO), have spoken in favor of a much anticipated 9th OPEC and non-OPEC ministerial meeting in light of the deteriorating global oil situation, distinguished by huge volatility in the oil markets caused by the coronavirus pandemic, the organization wrote in a joint communique published on Thursday.
OPEC+ countries will discuss later in the day the creation of a new agreement to reduce oil production with the possible participation of other major oil producing states to stabilize the situation on the market. Oil prices fell sharply on the global markets in early March after parties to the OPEC+ deal on output cuts failed to agree on the extension of the agreement past April 1. In addition, the uncertainty over the coronavirus pandemic and virus-linked restrictions, including widespread air travel suspensions, have wreaked havoc on the market.
"We, Ministers and Plenipotentiaries in charge of Hydrocarbons, Representatives of Member Countries of the African Petroleum Producers' Organization (APPO), ... Having reviewed the global oil situation, .... Declare our support to the various processes being undertaken by various parties at various levels aimed at addressing tackling COVID 19 and the volatility in the global oil market," the statement read.
The APPO members have also reiterated their support to OPEC and non-OPEC member states in their joint efforts at securing long term stability of the global oil market.
The African oil producers have also requested the G20 countries to provide financial support in the fight against the pandemic "and price stabilization process in the oil markets and encourage the most equipped laboratories and medical institutions in the world to find effective measures accepted by all (proven and consensual scientific results) to rapidly eradicate the progression of the current COVID-19 pandemic."
The meeting will be held in the form of a video conference, to be followed on Friday by a video meeting of the G20 energy ministers. A Sputnik source, familiar with the talks, said that the final OPEC+ decision would depend on the results of subsequent G20 energy ministers' discussions.
