Baku, Azerbaijan, Feb.21
By Leman Zeynalova – Trend:
OPEC countries are aiming to boost compliance with agreed oil output curbs further from January's high levels, said the cartel’s secretary general Mohammed Sanusi Barkindo.
He made the remarks Feb.21 during the International Petroleum Week in London, the event’s host Energy Institute said on Twitter.
Barkindo noted that OPEC liquids production expected to recover in the medium term after sharp drop in 2016.
Industry needs regular, timely investment to ensure security of supply, he added.
The oil industry cannot afford to see investment levels fall for a third year in a row, said Barkindo, adding that stability is essential.
During a meeting in Vienna, Austria, on Nov. 30, 2016, OPEC members decided to implement a new production target of 32.5 million barrels per day. Later, non-OPEC countries agreed to cut the output by 558,000 barrels per day during the meeting held Dec. 10, 2016.
Eleven non-OPEC countries – Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan – agreed to reduce the oil output.
OPEC and non-OPEC countries pledged to start implementing the deal from Jan. 1, 2017 for six months, extendable for another six months.
It was also decided to establish a High-level Monitoring Committee, consisting of oil ministers, and assisted by the OPEC Secretariat, to monitor the implementation of the agreement.
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