Dr. Sultan bin Ahmed Al-Jaber, Minister of State and CEO of Abu Dhabi National Oil Company (ADNOC) and its group of companies, said that the oil markets are going through a period of instability and have seen during the past weeks indications of improvement and will restore their balance over time.
Al-Jaber explained - during the "ADNOC Virtual Board" in which Halima Croft, the global head of commodity strategy at RBC Capital - participated in the world that the world is currently going through an unprecedented stage that does not allow accurate expectations about the recovery of the global economy, but there are indications of cautious optimism in energy markets.
He said: There are indications that oil markets have begun to improve in recent weeks and that they are heading towards restoring balance. Among these indicators: the OPEC + agreement and voluntary cuts in the production of countries outside OPEC, and part of production in some countries stopped, indicating that it will pass some time before it The vision becomes clear, and as the economy returns to rotation, there will be an increase in the volume of demand.
He added: The paradigm shift that ADNOC has carried out over the past four years thanks to the vision, direction and support of rational leadership has greatly contributed to enhancing the strength, flexibility and ability of the company to ensure the continuity and sustainability of its business and dealing with the changes and challenges of the current stage.
He continued: During the implementation of the paradigm shift, we focused on the factors that we can control, which include reducing costs and continuous work to be among the lowest-cost producers in the world, and we have made great progress in this area, which gave us the flexibility that helped us in the exceptional circumstances that we go through, and we continue By working to conserve our resources and maximize profitability.
Dr. Sultan Ahmed Al-Jaber said: Thanks to the efforts and follow-up of the leadership, we are confident that we will get out of this stage and we are stronger and more able to deal with the future, stressing that the health and safety of human cadres remains a top priority for ADNOC, as the company focuses on dealing proactively to reduce risks And combating the spread of the virus, and he explained that this approach is in line with the distinguished national efforts and precautionary measures and measures put in place by the rational leadership to ensure the health and safety of society in the UAE, also appreciating the great efforts undertaken by Emirati diplomacy on the world stage in this field For.
Al-Jaber said: The UAE has made great proactive efforts in its response to the current conditions, including conducting more than 1.5 million tests for the virus, which is one of the highest rates in the world as a proportion and proportion to the population, and in line with the principle of building bridges of cooperation with the international community, The UAE, through its humanitarian diploma, is providing medical assistance and personal protective equipment to more than 47 countries around the world.
He added: ADNOC has taken additional precautions to enhance the safety and protection of our cadres, including proactive checks, reduce the number of employees in the sites, and provide the ability to work remotely, as well as transparent and permanent communication with our cadres in various locations.
Dr. Sultan Ahmed Al-Jaber pointed out that this pandemic highlighted the importance of having three leadership qualities with the executive departments in companies, which include: ability to confront, manage crisis, and communicate with work teams.
He said: This crisis represented a test of the ability of institutions and companies to maintain the security and health of the safety of their cadres, as well as an assessment of the extent of the success of the executive departments in dealing with the crisis and ensuring business continuity, as well as how to communicate clearly and transparently with the cadres and inform them of what they must do to maintain health and safety.
Dr. Sultan Ahmed Al-Jaber concluded his speech in the council by emphasizing the importance of the executive departments of companies delivering positive, optimistic and transparent messages that motivate the way forward. He said: It is necessary to deliver messages calling for unity and solidarity, and that together we will pass this exceptional circumstance and we will emerge from it with a stronger and better condition.
The ADNOC Virtual Council is part of a series of initiatives that ADNOC launched last month as part of its participation in the "Emirates Volunteers" campaign that was launched to enhance volunteering efforts at the national level to help reduce the impact of the emerging corona virus (Covid-19).
Participated in the virtual council, which was broadcast on the social media platforms of ADNOC, participants from government sectors in the UAE, and international experts to discuss the main issues facing the world, where important topics centered on the post-Corona period were discussed, especially in the areas of economy, business and companies .