OPEC+ Needs To Expand Cooperation To Stabilize Oil Market - OPEC Chief To G20

OPEC+ Needs to Expand Cooperation to Stabilize Oil Market - OPEC Chief to G20

The OPEC+ group of oil producers still needs to expand cooperation to ensure the success of the agreement to stabilize oil market via coordinated production cuts, OPEC Secretary General Mohammad Barkindo said on Friday

MOSCOW (Pakistan Point News / Sputnik - 10th April, 2020) The OPEC+ group of oil producers still needs to expand cooperation to ensure the success of the agreement to stabilize oil market via coordinated production cuts, OPEC Secretary General Mohammad Barkindo said on Friday.

OPEC+ countries held 10 hours of online talks through the past night, and later announced that a declaration of cooperation had been adopted by all member states apart from Mexico. The three-stage deal, which commits OPEC+ countries to collectively reduce crude oil output by 10 million barrels per day from May, will only become binding if Mexico signs it, which may happen later on Friday during G20 talks.

"The success of this historic agreement depends on the full and timely participation of all producers. Everyone has a responsibility to play their part. The sustained stability of the global oil market is a shared responsibility. We, therefore, need to broaden this cooperation and welcome the support of others. Complex challenges, need comprehensive and 'global' solutions," Barkindo told the Extraordinary G20 Energy Ministers Meeting.