World Leaders Work Together to Stabilize Oil Market

oil market


At an OPEC Ministerial Meeting that was held on videoconference, on Sunday, 12 April 2020, attendees reaffirmed the continued commitment of the participating producing countries in the ‘Declaration of Cooperation’. This Declaration includes efforts to create a stable market, and the efficient, economic and secure supply to consumers, as well as a fair return on invested capital. 


The Meeting emphasized the important and responsible decision to adjustment production at the 9th OPEC Meeting on April 9th.

The Meeting also took note of the G20 Extraordinary Energy Ministers Meeting held on April 10, which recognized the commitment of the producers in the OPEC+ group to stabilize energy markets and acknowledged the importance of international cooperation in ensuring the resilience of energy systems.