OPEC Secretary General Mohammad Barkindo to Take Part in Russian Energy Week 2017
OPEC Secretary General Mohammad Barkindo has confirmed that he will participate in Russian Energy Week 2017. The cartel head is to take part in one of the key discussions on the Forum business agenda focusing on world oil market stabilization.
We would like to remind you that the Declaration on Cooperation between OPEC and non-OPEC countries on limiting oil extraction was signed on 10 December last year and extended for another nine months this May.
“The general agreement performance rate equalled 98% during the first six months, reaching the highest value at any time in OPEC’s history. Both OPEC and non-OPEC countries have noted significant progress in attaining the goals set by the agreement. We have been observing substantial oil market stabilization since the beginning of 2017. Over 350 million barrels of oil have been withdrawn from the market as a result of the joint efforts. The oil sector’s investment appeal has begun to revive for this first time in three years. We also see that the market is not so volatile and the price of Brent oil in the first half-year of 2017 was 30% higher than in the same period of 2016”, said Alexander Novak, Minister of Energy of the Russian Federation, assessing the effect of the agreement.
Istanbul (Turkey), July 11 – Anton Inyutsyn, Deputy Minister of Energy of the Russian Federation, spoke at the Russian Ministerial Session ‘Future of Russian Energy’ at the 22nd World Petroleum Congress.
According to a forecast released by the Russian Ministry of Energy, Russia’s oil output may fall by 0.1% in 2017 to 547 m tonnes. The Russian Federation’s compliance with its obligations to cut production will offset the crude output growth potential accumulated by the beginning of 2017.