Full speech: speech by HE Dr Diamantino Pedro Azevedo at the 17th Ministerial Meeting of OPEC and non-OPEC countries

Excellencies, distinguished delegates,

Welcome to 17 OPEC and no-OPEC Ministerial meeting.

Let me begin by thanking His Royal Highness Prince Abdul Aziz Bin Salman, Minister of Energy of Saudi Arabia, and His Excellency Alexander Novak, Deputy Prime Minister of the Russian Federation for their commitment and tireless dedication to the Declaration of Cooperation (DoC).

Your leadership is of great importance to this group and brings comfort and solace as we tackle the process of rebalancing and allow the return of more lasting stability.

I would also like to commend the excellent work of the Joint Technical Committee and sincerely thank HE Mohammad Sanusi Barkindo, OPECthe indefatigable secretary general of the, as well as all the staff of the OPEC Secretariat, for ensuring the full and efficient functioning of the Secretariat and the DoC process during these difficult times.

Since our last meeting towards the end of April, we have observed relative stability in the oil market.

The global economy, oil market fundamentals and the outlook for oil demand have all been encouraged by positive news regarding vaccine deployment, although we still need to see more expansion on the vaccination front in the future. developing countries, and the continuation of the massive fiscal stimulus that stimulates rebound.

The market also continued to react positively to the decision taken during the 15 OPEC and no-OPEC Ministerial meeting, and reinforced at the 16th meeting, to adjust upward production levels in the DoC for May, June and July 2021.

It is obvious that the decision we took at the beginning of April proved to be both reasonable and wise. However, as we all know, given the events of the past year and the ever-changing outlook, we must remain vigilant, flexible and nimble.

Uncertainties remain. We still have clouds on the horizon. Over the past month, we have seen an increase in COVID-19 cases in several countries such as India, Japan and Brazil. This obviously has an impact on the demand for oil, especially in the Asian region, which needs to be watched carefully.

There has also been a lot of talk about broadcasting news COVID-19 variants and the potential impact on the recovery process, and we also need to be mindful of issues such as sovereign debt levels in some regions, inflation, central bank responses and the return of oil supplies on the market.

Here, I would like to thank again all participating countries for their individual and collective compliance efforts, which stood at 114% in April (including Mexico), and once again congratulate the Kingdom of Saudi Arabia for its generous adjustments. additional volunteers in 2021.

As we look at the way forward, it is important to reiterate that each participating country must continue to do their part, achieve their 100% compliance level and offset clearing volumes.

It is only through unified commitment that we can realize our full potential.

Excellencies, distinguished delegates,

Before concluding, I would like to address an issue that is at the heart of our industry, our countries and the energy security that both producers and consumers want. This question is: investments.

Here in Angola, investing in oil and gas production is the lifeblood of our economy, helping to fuel growth and prosperity, and enabling us to undertake economic diversity.

We believe that oil and gas will be essential to the global energy mix in the years and decades to come, but at the same time, we also recognize the need to reduce emissions, with a focus on cleaner technologies and more. effective.

In addition to ensuring a stable supply to consumers, this is a central objective of OPEC and the entire oil and gas industry. We are committed to being part of the solution to reducing global emissions.

We must keep in mind that without the necessary global investments there is potential for further volatility and a future energy deficit, which is not in the interest of producers and consumers.

Moreover, from the perspective of developing countries, it is important to stress how difficult the goal of net zero emissions is in the decades to come, and even beyond.

Coming from the African continent, I speak from the bottom of my heart emphasizing that if billions of people in the developing world who suffer from a lack of access to energy, feel excluded from access to the energies that have contributed to feed the developed world, then it could sow new divisions. This could widen the gap between the haves and have-nots, the global North and South.

It is vital that we continue to focus on the core principles of the United Nations Framework Convention on Climate Change (UNFCCC) – equity, and common but differentiated responsibilities, and respective capacities.

Excellencies, distinguished delegates,

With that, I look forward to our meeting today as we focus on our market goals.

rebalancing and lasting stability, both short and long term.

Thank you.

Distributed by APO Group on behalf of OPEC.

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Minister of Mineral Resources and Petroleum Diamantino Azevedo

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