The importance of the OPEC+ Ministerial meeting held via video conferencing on April 9 has been highlighted by Tarek al-Molla, Minister of Petroleum, Egypt. Talking of the meeting Tarek al-Molla said that the meeting came in “a decisive time, to restore the market and prices balance”.
Tarek al-Molla said, “Egypt’s participation in the OPEC+ meeting, aimed at a direct follow-up and coordination with the oil bloc, and boosting the cooperation efforts and initiatives, among the producers to achieve stability and sustainability of the world’s oil market”.
He further iterated the positive outcomes of the meeting and said that the stability of the oil market will have quite a positive influence on other sectors as well, including the oil producers, consumers and companies.
In a global effort to balance the oil market at large, the OPEC+, which includes members of the Organisation of the Petroleum Exporting Countries and its allies, pledged to cut crude production by 10 million barrels per day, starting in May.