Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy and Chairman of the OPEC and non-OPEC Ministerial Meeting has cited the discovery and administration of COVID-19 vaccine as the most important factor for oil in 2021.
The chairman extol the collaborative effort put together by OPEC+ countries in cutting back oil production and driving up prices to the $50 levels after the drop to under zero recorded earlier in 2020 when leading countries like Saudi Arabia and Russia fell out and dumped supplies in the market.
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He said, ‘’I am sure that each of us has a story to tell of the rollercoaster ride we experienced, and of the trials and tribulations we faced in the year just gone.
However, when the historians look back on this period, we should hope they write a big chapter on the extraordinary successes OPEC+ has achieved in 2020, in the face of such acute adversity.
‘’Not only did we achieve the biggest ever cuts to oil supply, but we also saw those cuts through, in a disciplined and united manner, that said a lot about the effectiveness of our joint efforts. ‘
’We achieved the highest levels of conformity in the four years OPEC+ has been operating, and for the first time we agreed a mechanism for compensation to make up for any past slippage from our goals.
