The Minister of State and Chief Executive Officer of ADNOC and its group of companies, Dr. Sultan bin Ahmed Al-Jaber, said that the oil markets are going through a period of instability, and during the past weeks have witnessed signs of improvement, and will restore their balance over time.
He added during the "ADNOC Virtual Board", in which the global head of commodity strategy at RBC Capital, Halima Croft, participated, that "the world is currently going through an unprecedented stage, which does not allow accurate expectations about the recovery of the global economy, but there are indications of cautious optimism in Energy markets.
Al-Jaber continued: “There are indications that oil markets have started to improve in recent weeks, and that they are heading towards restoring balance. Among these indicators: the (OPEC Plus) agreement and voluntary cuts in the production of countries outside OPEC, and part of production in some countries stopped,” explaining. It will take some time before the vision becomes clear, and that as the economy returns to rotation, there will be an increase in the volume of demand.
He pointed out, in a statement issued by the company yesterday, that the paradigm shift carried out by "ADNOC" over the past four years, thanks to the vision, directions and support of rational leadership, contributed significantly to enhancing the strength, flexibility and ability of the company to ensure the continuity and sustainability of its business, and dealing with changes and challenges The current stage.
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.” He emphasized that the health and safety of human cadres remain at the top of “ADNOC” priorities, as the company focuses on dealing proactively to reduce risks And to combat the spread of the virus.
He added: «The UAE has made great proactive efforts in its response to the current conditions, including conducting more than 1.5 million virus tests, and it is one of the highest percentages in the world in relation to the population. In line with the principle of building bridges of cooperation with the international community, the UAE, through its humanitarian diplomacy, has provided medical assistance and personal protection equipment to more than 47 countries around the world. ”
He emphasized that «(ADNOC) has taken additional precautionary measures 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.”
Al-Jaber pointed out that this pandemic highlighted the importance of having three leadership qualities with the executive departments in companies, including: ability to confront, manage crisis, and communicate with work teams, pointing out that “this crisis represented a test of the extent to which institutions and companies are able to maintain safety and health safety Its cadres, as well as an evaluation 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 need to do, to maintain health and safety ».
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 come out of it with a stronger and better condition.”
ADNOC Virtual Board
The ADNOC Virtual Council is part of a set of initiatives that ADNOC launched last month as part of its participation in the "Emirates Volunteers" campaign, which was launched to strengthen volunteering efforts at the national level, to help reduce the impact of the emerging corona virus (Covid-19). ). Participated in the virtual council, participants from government sectors in the UAE, and international experts, to participate in the discussion of the major issues facing the world.