OPEC tasks member countries on positive trajectory

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OPEC tasks member countries on positive trajectory

The Organisation of Petroleum Exporting Countries (OPEC) has urged member countries to monitor market development to sustain positive trajectory in the global oil market.

The Secretary-General of the Organisation, Dr Mohammad Barkindo disclosed this at the 51st virtual meeting of the Joint Technical Committee (JTC), on Monday.

“Let us patiently continue our work of carefully monitoring the market, providing insightful analysis for the Ministers, and in this way, we can continue on the positive trajectory we have experienced so far,’’ he said.

He added that the world could mitigate the worst impact of COVID-19 with the right policies in place to boost the global economy.

“The consensus view among most economists and forecasting agencies is that with the right policies in place, the world can mitigate the worst impacts of this dreadful virus. The cheques for 1,400 dollars per individual under the US stimulus package is beginning to have an impact with retail sales up 10 per cent in the US in March.

“US unemployment fell to six per cent, the lowest level since the pandemic struck. The change in sentiment in the US banking sector is indicative of this reversal of fortunes for the US economy,” he said.

Barkindo further explained that a year ago, the major banks in America were anticipating economic catastrophe, setting aside billions to accommodate mammoth losses, as small businesses were pummeled and office space emptied.

He noted that on April 14, executives at Goldman Sachs, JP Morgan Chase and Wells Fargo delivered bullish forecasts, adding that the recovery’s transition from Wall Street to Main Street would not be straightforward.

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