OPEC, Gas exporters discuss Covid-19 impact on oil and gas markets

06 Nov OPEC, Gas exporters discuss Covid-19 impact on oil and gas markets

The Organization of Petroleum Exporting Countries (OPEC) and Gas Exporting Countries Forum (GECF) have met to discuss on the impacts of the COVID-19 pandemic on global energy markets in the short-, medium-, and long-term.

OPEC and GECF held their first high-level meeting, highlighting the growing cooperation between the two organisations under the framework of the OPEC-GECF Energy Dialogue, underscoring the importance of crude oil and natural gas to the world economy, as the two commodities, together, will continue to account for more than half the global energy mix.

The discussion linked to the two technical expert meetings that were convened in June and October of 2020, which established a structured framework for the Dialogue leading to this first high-level meeting.

Building on the collaborative research activities, OPEC and GECF discussed the activities as part of the multilateral cooperation, especially as the industry continues to face a major challenge of the COVID-19 pandemic and its unprecedented fallout on the energy markets and the global economy, the press release read.

The commonalities of both organisations were stressed as both share several Member Countries in common: Algeria, Equatorial Guinea, IR Iran, Libya, Nigeria, and Venezuela.

the GECF said in a press release. OPEC Member Countries Angola, Iraq, and the United Arab Emirates are GECF Observer Members. It was also noted that there will be enhanced opportunities for cooperation among the wider framework of Declaration of Cooperation (DoC) countries who are Members of or Observers to the GECF.