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Global oil market stability: OPEC commends Norway on support

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Global oil market stability: OPEC commends Norway on support

The Organisation of Petroleum Exporting Countries (OPEC), has commended Norwegian government for its support in ensuring global oil market stability.


Dr Mohammed Barkindo,  OPEC Secretary General, gave the commendation during a bilateral meeting via webinar with Tina Bru, Norway’s Minister of Petroleum and Energy, on Monday in Vienna.

They both discussed the topics: COVID-19’s impact on the global economy and oil market, the G20 Extraordinary Energy Ministers Meeting, and recent OPEC/non-OPEC Ministerial Meetings.

Norway is a key non-OPEC producing country that has had a long and outstanding relationship with OPEC.

“We received support from the highest policy levels; from other important oil producing countries, including Norway; and from oil majors as well as independents.

“I again refer to the efforts undertaken through the G20, under the current leadership of the Kingdom of Saudi Arabia, to provide additional support and guidance to the Declaration of Cooperation (DoC).

“The commitments made by Norway to adjust domestic production by 250,000b/d in June and 134,000b/d in the second half of 2020 offered additional support and encouragement to the overall market.

“Furthermore, your government has outlined a package of measures to help guide the industry through the current crisis and has stressed petroleum’s intrinsic importance to the Norway’s economic wellbeing,” he said.

The OPEC Secretary General recalled the long history of dialogue and cooperation between OPEC and Norway, including its involvement in informal meetings of high-level experts and technical events.

He cited Norway’s “constructive and cooperative role in efforts to ensure oil market stability.

“Your government’s commitment to multilateral cooperation is especially relevant today, and refreshes our hope that we will emerge from this extraordinary human and economic tragedy stronger and even more united,” he added.

He noted that Norway provided crucial support during the April 10, G20 Meeting, endorsing measures to stabilise the energy market in response to the pandemic.

According to him, the industry faces a common threat that requires uncommon action.

Going beyond Norway’s global engagement, the OPEC Secretary General also praised the country’s commendable use of its natural resources for the broader public good.

He further extended an invitation to Norway to attend the OPEC Seminar in June 2021.

“I sincerely hope that by next June the worst days of this tragic humanitarian and economic crisis will be behind us, and that we have the honour of welcoming you in person to the OPEC Seminar,” he said

In her remarks, Bru acknowledged the importance of OPEC in stabilising the oil Market.

“We are all for a stable and well-functioning oil market for the benefit of both producers and consumers,” she said.

Edited By: Donald Ugwu (NAN)

Edith Ike-eboh: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

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