OPEC Works To Consolidate Oil Market Amidst The Pandemic

On Friday, Iraq’s Oil Minister Ihsan Abdul-Jabbar said that the Organization of the Petroleum Exporting Countries (OPEC) is working to keep crude prices over to US$65 per barrel as the global economy recovers from the recession prompted by the COVID-19 pandemic.

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To analyze the challenges ahead of this objective, the OPEC countries organized a panel discussion on the 2021 World Oil Outlook (WOO), which provides economic indicators and data on the global energy industry.

Thanks to this initiative, experts will provide insights into the impacts of the falls and rises in fuel prices, variations in the oil supply and demand, and the trends of sustainable investments until 2045.

“Teamwork and collaboration have never been more important in consolidating our industry,” Abdul-Jabbar stressed, adding that the OPEC meeting will be held virtually.

Iraq’s President Barham Salih urged Middle East countries to recognize the rights of the Palestinian people during his speech at the 76th Session of the United Nations General Assembly (UNGA) on Thursday.

"We shall unite our efforts to end the Israeli-Palestinian conflict, which humanitarian and security repercussions lead to instability in the region," he stated, calling for the support of the international community to recover the funds drawn from Iraq during the U.S. intervention.

He also said his country is one of the most affected by climate change and urged other world leaders who might have different political approaches on other issues to unite in this fight.