OPEC has a vested interest in continued growth of the U.S., said Mohammad Sanusi Barkindo, OPEC Secretary General, via teleconference, to the RBC Energy Conference in New York, US, Trend reports citing OPEC website.
“I assure you that we are focused on the interests of the global economy. OPEC has a vested interest in the continued growth and stability of the U.S. and by extension the global economy,” he said.
The secretary general said OPEC recognizes that the challenge of balancing the oil market and maintaining stability is a continuous process, and a shared responsibility.
He pointed out that the ‘Declaration of Cooperation’, the OPEC+ agreement,. is not about short-termism. “We are focused on continuity; we have short-term objectives, as well as long-term goals.”
“Over the past 30 months or so OPEC, along with its non-OPEC partners in the ‘Declaration of Cooperation’, have continually demonstrated our utmost commitment to do whatever it takes to balance and stabilize the oil market, in the interests of both producers and consumers. We have been agile and flexible with the partners adapting course depending on market conditions. When the market appeared skewed to oversupply, voluntary production adjustments were adopted and implemented, as was the case in December 2016 and December 2018, and equally, when concerns regarding demand outpacing supply surfaced as the market tightened, as was the case in June 2018, partners in the ‘Declaration’ took appropriate action,” noted Barkindo.
OPEC secretary general said the ‘Declaration’ has had a transformational impact on the global oil industry and has received the backing of other producers, as well as consumers.
“This commitment to a balanced market and a sustainable stability remains our key objective. And an agile and flexible approach will also be central to how we proceed in the months ahead,” he said.
“When the next OPEC Ministerial Conference, and the OPEC and non-OPEC Ministerial Meeting, convene in the coming weeks, which I can assure you we will, it will once again underscore that all countries remain resolute in continuing to deliver on this commitment for the remainder of 2019 and beyond.”
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