Energy Minister undergoes 'minor medical procedure'

Energy Minister Franklin Khan has had "a minor medical procedure" which is why he missed a virtual OPEC meeting on Thursday.

National Security Minister Stuart Young, who is also a Minister in the Office of the PM, and Public Administration Minister Allyson West, a Minister in the Ministry of Finance, as well as the Energy Ministry and Energy Industries PS Penelope Bradshaw-Niles took part in the session via Webinar.

"Senator the Honourable Franklin Khan, Minister of Energy and Energy Industries was unable to attend today’s deliberations due to a minor medical procedure," the ministry announced in a statement issued at about 8 pm. Khan has previously had medical issues and underwent major surgery for a heart-condition in January 2017 after returning from a visit to Thailand, where he developed a lung infection.

The OPEC meeting, which included non-OPEC countries, was held to discuss the steady decline in oil prices and the global impact of the covid19 pandemic. TT was one of the nine non-OPEC/non-Declaration of Cooperation countries invited to participate in the meeting.

"The discussions recognised the disastrous effect of the coronavirus on the markets and that decisive action was required to prevent the price going to single digits during the second quarter," the ministry said.

It was therefore agreed "in principle" that OPEC countries would reduce crude oil production by 10 million barrels oil per day, and non-OPEC countries would cut output by five million barrels of oil per day for May and June 2020, the ministry said.

Discussions were still ongoing on a consensus up to the time of the release of the ministry's statement.

Even before the pandemic, oil prices had fallen due to a dispute between Russia and Saudi Arabia on output as the market faces a glut and a problem of how to store supplies.

In March, the Finance Minister announced Government would revise its budget oil price estimates of US$60 per barrel to US$40 per barrel and natural gas from US$3 to US$1.80 per mmbtu.