OPEC expects early balance recovery in oil market
Baku, Azerbaijan, Oct. 12
By Maksim Tsurkov – Trend:
OPEC expects that its decisions will lead to a speedier decrease in oil reserves in storages and restoration of the balance between supply and demand in the market, said OPEC Secretary General Mohammad Barkindo.
Barkindo made the remarks Oct. 12 addressing the 23rd World Energy Congress, which kicked off Oct. 9 in Istanbul.
He noted that the agreement, reached earlier in Algeria, must be adopted not only within the OPEC, but also during the consultations with non-OPEC producers.
The decision was adopted unanimously within the OPEC, said the secretary general, adding the World Energy Congress in Istanbul is a good opportunity to hold consultations with other oil producing countries.
He also said the unprecedented fall in oil prices, which began in 2014, is related to the high fillup of storages.
Large production volumes, as a result of high prices, created unsustainable situation in the market, he noted.
OPEC’s high level committee for the implementation of the Algiers decision will have a meeting in late October in Vienna and will present a report on the work done at a conference on Nov. 30, added Barkindo.
The 23rd World Energy Congress will last until Oct.13.
Running since 1924, the triennial World Energy Congress is the World Energy Council’s global flagship event that enables dialogue among ministers, CEOs and industry experts on critical developments in the energy sector.
As the world’s premier energy gathering, the Congress offers a unique opportunity for participants to better understand energy issues and solutions from a global perspective.
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