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October 20, 2017

Mohammed Barkindo: “We have taken on full responsibility for restoring stability on the oil market”

Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammed Barkindo said at the ‘Energy for Global Growth’ plenary session during Russian Energy Week that the oil market is capable of restoring its balance.

Barkindo said Russia has taken on a leadership initiative even though it is not an OPEC member, and a consensus has been reached between OPEC countries and non-members of the cartel as a result.

“All of us – both OPEC countries and Russia – share responsibility. We are reliable guarantors of oil supplies to the world market, not only to meet current needs, but also for the foreseeable future”, he added.

The OPEC Secretary General said member countries are honouring their commitments. “Russia has played a decisive role and has fulfilled its obligations by more than 100%, especially over the past two months”, he said.

Barkindo also expressed the common opinion concerning the reduction in oil production: “We have been able to act together for the first time, and we have taken on full responsibility for restoring stability on the oil market for the first time. We have clearly demonstrated that we are committed to maintaining this trend in the future”, Barkindo said.

At the end of his speech, Barkindo emphasized: “The future looks much more attractive than the situation in early January. We are optimistic about the opportunities for cooperation outside of the framework of the agreement to reduce oil production as well”.

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