The Organisation of Petroleum Exporting Countries (OPEC) on Monday in Vienna noted the improved oil market conditions recorded since January .
President of OPEC Mr Salvador Fernandez stated this in Vienna at the opening of the 176th meeting of the bloc while welcoming delegates to the conference.
Fernandez who lauded the development said it was a sharp contrast in comparison to the turbulence and volatility experienced in the fourth quarter of 2018.
He however noted the recent increased uncertainty in trade negotiations, monetary policy and geopolitical issues confronting the bloc adding that there were clear signs of “economic bearishness”.
According to him, a recent oil market report by the bloc saw a further downward revision to 2019 world oil demand.
“Although this is now projected to rise by 1.14 million barrels a day and alongside this is an assessment for non-OPEC oil supply in 2019 to grow at a pace of 2.14 million barrels a day” He stated.
“OPEC recognises that the challenge of balancing the oil market and maintaining stability is a continuous process and shared responsibility”
“To this end, we need to remain vigilant in monitoring the market in order to be flexible and agile in taking necessary actions,” he stresses.
He, however, lauded the achievements of the “Declaration of Cooperation” by member nations since 2017 in pursing a balanced, stable and sustainable global oil market.
It was reported that the two day meeting would also determine an extension of the global oil production cut.
Nigeria, Saudi Arabia and Russia are among nations rooting for a nine month extension of the cut as stipulated under the “Declaration of Cooperation “by member and non member nations of OPEC.
Dr Folashade Yemi-Esan, Permanent Secretary of the Petroleum Resources Ministry led the Nigerian delegation to the conference.