An extremely difficult situation has developed in the global economy and in the oil markets due to the pandemic, Minister of Energy of Algeria, President of the OPEC conference Abdelmadjid Attar said at the 105th meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC) held in a videoconference format.
According to the minister, the world economy and oil markets are in an extremely difficult situation due to the coronavirus pandemic. It has caused radical changes at the level of oil markets, in particular, provoking a dizzying drop in global demand, he added, TASS reports.
In addition to the great consequences for human health, the pandemic has led to serious socio-economic shocks in most countries of the world, including in the Arab countries, Attar said.
OAPEC was established in 1968. It currently has 11 members: Algeria, Bahrain, Egypt, Iraq, Qatar, Kuwait, Libya, UAE, Saudi Arabia, Syria, and Tunisia.