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22 Jun 2020

OPEC Secretary General holds video meeting with Brazil’s Minister of Energy

Vienna, Austria, 22 June 2020--OPEC Secretary General, Mohammad Sanusi Barkindo, today met with Bento Albuquerque, Minister of Energy of Brazil, via videoconference to discuss recent oil market developments and the landmark decisions reached at the recent OPEC and non-OPEC Ministerial Meetings, as well as the outcome of the Emergency Meeting of the G20 Energy Ministers.

The Secretary General highlighted the significance of Brazil as a leading producer of crude oil and gas worldwide, saying: “Brazil is a key energy player on the continent, not only as an oil and gas producer, but as an energy consumer”

HE Barkindo highlighted the decisions reached by the members of the Declaration of Cooperation at the Ministerial Meetings held in April and June 2020. He said: “In April, OPEC and its partners of the DoC responded to this crisis (COVID-19 pandemic) courageously with a landmark agreement on both the largest and the longest voluntary production adjustment in history.”

These productive efforts continued in June at the 11th OPEC and non-OPEC Ministerial Meeting, the Secretary General explained, noting, “This reaffirmed the steadfast commitment of the DoC producers to help accelerate the balancing of the global oil market in support of the global economy.”

“This decisive action by OPEC+, in tandem with additional voluntary and non-voluntary adjustments by other global producers, are helping bring balance back to the market,” HE Barkindo added.

The Secretary General noted that the decisions have provided a renewed confidence in the industry but emphasized the need to stay vigilant.

“We must continue to maintain momentum as we seek to address a forecasted contraction in global oil demand of around 9 million barrels per day for 2020,” he said.

HE Barkindo underscored the importance of global energy cooperation in fostering sustainable oil market stability, and invited Brazil to join the Declaration of Cooperation and longer-term Charter of Cooperation. The Secretary General also invited the Minister to attend the 8th OPEC International Seminar in June of next year.

The Brazilian Minster expressed his interest in enhancing dialogue and cooperation with OPEC, and accepted the invitation to attend next year’s Seminar.

“I would be very honoured and proud to continue participating in this OPEC-Brazil dialogue and cooperation and to attend the OPEC International Seminar in June of next year,” the Minister stated.

“We believe Brazil’s continued engagement with OPEC in this dialogue will benefit us tremendously,” the SG stated. “At the end of the day, we all belong to one global oil market and one global oil industry, of which today, Brazil can be counted as one of the global leaders.”

Today’s meeting followed an earlier teleconference with Brazil’s South American neighbour Argentina and is one in a series of bilateral talks with non-OPEC producers, which have included Azerbaijan, Colombia, Norway and Alberta (Canada).