OPEC Chief Says Oil Cooperation With Non-members 'vital'
Muhammad Rameez Published November 07, 2016 | 08:00 PM
ABU DHABI,, (UrduPoint / Pakistan Point News - 07th Nov, 2016 ) - Coordination between members of oil-exporting cartel OPEC and non-member producers is "vital" to rebalance the market, OPEC chief Mohammad Barkindo said Monday.
"We believe it is vital that both OPEC and non-OPEC countries come together and take coordinated... action to rebalance this market for the common good of all," OPEC's secretary general said at a forum in Abu Dhabi.
OPEC pledged after a meeting in Algiers on September 29 to cut production for the first time in eight years on the back of a sustained depression in global prices. "The agreement underlined the organisation's commitment to sustainability of oil markets," Barkindo said.
Speaking on the sidelines of the forum, Barkindo said major non-OPEC exporter Russia is "on board" with the cartel's agreement to limit production, according to Bloomberg.
"We as OPEC remain committed to the Algiers accord," Barkindo said.
"I have heard from the highest quarters in Moscow that Russia is on board." OPEC officials have held talks with Russia and other non-cartel members in Vienna to debate how to implement the plan.
"Russia was always very consistent," Barkindo told reporters in Abu Dhabi. OPEC members Iraq, Iran, Nigeria and Libya have all sought exclusion from the cartel's exemption plan, Bloomberg news reported.
But the OPEC chief said Tehran "will be part" of the Algiers agreement. Since a nuclear deal with world powers took effect in January and international sanctions were lifted, Iran has rapidly increased its oil exports from around 1 million barrels per day (bpd).
Related Topics
Recent Stories
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
More Stories From Business
-
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
7 hours ago -
Pak-US officials engage to enhance trade, investment ties
8 hours ago -
Stocks fall as tech shares sink, US economy slows
9 hours ago -
Higher taxes, awareness help decrease cigarettes sale in Pakistan
10 hours ago -
Ahsan Iqbal chairs CPEC JWGs, 13th JCC review-meeting
10 hours ago -
Industries Minister recommends urea fertilizer import to stabilize prices and supply
10 hours ago
-
Honda announces US$11 bn EV battery and vehicle plant in Canada
10 hours ago -
Zhao Shirin calls on Punjab Industries Minister
11 hours ago -
CEO APM Terminals calls on Finance Minister
11 hours ago -
SACM visits GTVC checks attendance register
11 hours ago -
CEO APM Terminals meets Commerce Minister
11 hours ago -
RTO destroys huge quantity of non-duty paid cigarettes
11 hours ago