OPEC head: Oil industry in much stronger position today
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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