OPEC head: Oil industry in much stronger position today

15 October 2019 15:58 (UTC+04:00)

By Trend

The oil industry is in a much stronger position today to deliver a sustainable energy supply than it was just three years ago, Mohammad Sanusi Barkindo, OPEC Secretary General, said at the 3rd India Energy Forum by CERAWeek, Trend reports via OPEC’s website.

“This turnaround is thanks largely to the efforts undertaken by OPEC Member Countries and 10 non-OPEC oil producing countries, who came together in the ‘Declaration of Cooperation’ to reverse the 2014-2016 industry crisis,” he said.

Barkindo noted that since 2016, the production adjustments undertaken by the ‘Declaration of Cooperation’ partners have brought durable stability to the global oil market, restored investor confidence, and benefited producers and consumers.

Furthermore, these market-balancing measures continue to provide crucial support to the world economy, added OPEC secretary general.

Barkindo pointed out that energy security goes to the core of OPEC’s being.

“We have demonstrated repeatedly our commitment to sustainable stability, even during unprecedented events like the attacks on Saudi Arabia’s oil facilities one month ago,” he said.

“In the immediate aftermath of these shocking attacks, Saudi Arabia moved swiftly to ensure a stable supply to the global market as it worked to restore its production capacity. Its exemplary handling of the situation very quickly stabilized markets and allayed concerns about supply disruptions,” Barkindo added.

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