OPEC remains committed to Algiers’ agreement

APS : Monday, 07 November 2016
ABU DHABI- Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohamed Barkindo said Monday, in Abu Dhabi, that OPEC remains committed to the agreement of Algiers and dubbed “vital” the cooperation between the organization’s member and non member countries to rebalance oil market.
“It is vital that the OPEC’s member and non member countries hold a meeting and take coordinated measures to rebalance the market in their mutual interest,” said Barkindo at the opening of an international conference on oil in Abu Dhabi.
OPEC’s countries reached, at the end of September in Algiers, a historic agreement to reduce their oil production to support the prices.
“The agreement (of Algiers) underlined the organization’s commitment to the stability of oil markets,” said Barkindo, pointing out that Russia, the first oil producer in the world, supports Algiers’ agreement.
“We, at OPEC, remain committed to the agreement of Algiers,” he said.
OPEC and Russia held recently several meetings to strengthen their cooperation to reduce price volatility.

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