Tuesday 26 May, 2020

Energy Minister misses historic OPEC conference due to 'minor surgery'

Energy Minister Franklin Khan skipped the 9th Extraordinary Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Meeting which took place via webinar on Thursday, due to a “minor medical procedure”.

This was revealed via a statement from the Government however, no further information on his condition was provided.

The historic meeting saw OPEC member countries, OPEC+ countries and non-OPEC nations deliberate on the current oil market developments in the face of the unprecedented worldwide impact of the COVID-19 pandemic.

Trinidad and Tobago was one of the nine non-OPEC/non-Declaration of Cooperation countries invited to participate. In attendance were National Security Minister Stuart Young, Public Administration Minister Allyson West and acting Permanent Secretary of the Ministry of Energy  Penelope Bradshaw-Niles.

Opening remarks were given by Chair of the OPEC and Non-OPEC Ministerial Meeting, Prince Abdulaziz bin Salman, Minister of Energy of Saudi Arabia. A speech was also given by the Co-Chair, Alexander Novak, Minister of Energy of The Russian Federation. This was followed by the President of the OPEC Conference 2020, Mohamed Arkab, Minister of Energy of Algeria.

The discussions recognized the disastrous effect of the novel Coronavirus on markets and found that decisive action was required to prevent energy prices falling to single digits during the second quarter.

There was an agreement in principle to the proposal of reducing crude oil production by 10 million barrels per day from OPEC+ countries and 5 million barrels per day from non-OPEC countries for May and June 2020.

At the time of publication, discussions were still in progress. 

 

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