The IAE and OPEC have released a joint statement warning that if the current market conditions continue the income of developing countries could fall to their lowest levels in more than two decades. IEA Executive Director Fatih Birol and OPEC Secretary General Mohammed Barkindo both have serious concerns that the coronavirus pandemic will have “far-reaching economic and social consequences” for developing countries. They have estimated that these countries could see their oil income fall by 50% to 80% this year alone.