Baku, Azerbaijan, Oct.6
By Leman Zeynalova – Trend:
Oil market rebalancing is ongoing, demand and supply are gradually, but steadily coming to balance with the equilibrium price in sight, says OPEC Secretary General Mohammad Sanusi Barkindo.
“We believe that in addition to production, which is a key parameter, it would be enriching for us also to look at other parameters such as export,” said Barkindo in an interview with Bloomberg TV.
He pointed out that discussions are underway with various data providers, service providers covering export, to see how export can be incorporated into the OPEC oil output cut deal.
However, export should not replace production, but supplement it, OPEC secretary general explained.
As for the low level of compliance by some participating countries, Barkindo noted that OPEC has received commitment from Iraq at the highest level that they will do whatever is possible to reach the target of 100 percent.
“Our conformity level continues to rise from month to month,” he said, recalling that OPEC conformity level reached 116 percent, the highest level so far, in August 2017.
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.
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