According to the secretary general of OPEC, Mohammad Barkindo, investments will be essential so that a crisis in the oil sector does not occur in the future

During OPEC's eighth technical meeting, the secretary general, Mohammad Barkindo, stated that the oil sector had a 30% drop in investments, such a figure lower than in the recession period from 2014 to 2016. of oil recovers, 12,6 trillion dollars will be needed to avoid an energy crisis in the future and also to reduce volatility.

Check out other news:

• Norwegian employees of oil giant Schlumberger threaten to strike if working conditions and wages do not improve
• Mining works demand vacancies with accommodation for seafarers, technicians and operators
• Helper, Welder, Coordinator and more invited for job openings in maintenance at a pulp mill, in RS

When the Covid-19 pandemic began, they were negotiated between OPEC member countries and non-members – called OPEC+, the production adjustment, which from 9,7 million barrels a day, went to 7,7 million barrels /day in August and now 5,8 million barrels/day in the period from January 2021 to April 2022.

In the economic crisis triggered by the pandemic, the measures taken to adjust production are aimed at finding a balance between world oil supply and demand.

Mohammad, says that the prospect of a vaccine being placed on the market has aroused positive and hopeful feelings in the sector, but even so, the countries that signed the cooperation term still need to maintain production cuts until the infection rate is reduced in a way significant.

The Secretary-General says that “We are facing a resurgence of the pandemic, with new lockdowns in countries and regions. And, once again, we must move on.”

OPEC:

OPEC acts as a cartel of the main oil exporters, controlling the production volume, with the objective of achieving the best prices in the world market. It is responsible for developing geopolitical strategies in the production and export of oil, in addition to controlling the values ​​of product sales.

Currently, OPEC member countries are: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela. Indonesia suspended its membership in January 2009. OPEC's headquarters are located in Vienna, the capital of Austria.