Can OPEC Keep Oil Market Stable Amidst Coronavirus?

OPEC, the Organization of Petroleum Exporting Countries, has maintained a preparedness and strong abilities to keep the oil markets stable through coronavirus fears and turmoil. According to the Executive Chairman of the African Energy Chamber, NJ Ayuk, ” A bold and substantial production cut by OPEC and OPEC+ member countries will help alleviate oil market fears and bring stability. OPEC has a track record of making market-driven deals that stand to benefits Wall Street and Main Street.” Nj Ayuk was at Deutsche Welle discussing the coronavirus’ impact on oil prices and OPEC’s plans to stabilize global energy markets.

OPEC VS Coronavirus In Africa

As of early March 2020, coronavirs (covid-19) has an almost invincible presence in Africa with Senegal, Nigeria, South Africa and Egypt each recording less than 5 cases of positive infection diagnosis. Irrespective of coronavirus’ minimally growing presence in Africa, the near-term outlook for global energy markets remains bleak as the forecast for the rest of 2020 continues to slip downwards.

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