United Arab Emirates (UAE) and Canada (July 7, 2020) – The Canada-UAE Business Council (CUBC) hosted a policy dialogue between global energy sector leaders from Canada, the UAE, and OPEC, via videoconference, on June 29, 2020.
The event hosted leading figures, including OPEC Secretary General H.E. Mohammad Sanusi Barkindo; UAE Minister of Energy and Industry H.E. Suhail Mohamed Faraj Al Mazrouei; and Premier of Alberta, Canada, The Honourable Jason Kenney. Also in attendance were UAE Ambassador to Canada H.E. Fahad Saeed Al Raqbani; Canadian Ambassador to the UAE H.E. Marcy Grossman; and CUBC Co-chairs CEO, Petroleum and Petrochemicals, Mubadala Investment Company, Mr. Musabbeh al Kaabi; and Partner, McCarthy Tétrault LLP, The Honourable Jean Charest.
Starting the discussion, OPEC Secretary General Barkindo stressed the importance of the OPEC+ countries’ swift decision and commitment in April to a historic cut in oil production in response to the crisis caused by COVID-19 and the consequent drastic reduction in global oil demand. H.E. Barkindo also noted the vital support received from non-OPEC producers, such as Canada, who joined the OPEC+ coalition to stabilize the global oil market and avoid a potential industry collapse which had the potential to be much worse than the crash experienced in 2016.