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 Over 350 million barrels of oil have been withdrawn from the market as a result of the joint efforts.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.
The Russian Ministry of Energy plans to limit the consumption of non-energy-saving incandescent lamps over 50 watts, Russian Deputy Minister of Energy Anton Inyutsyn reported.
The government commission of the (federal) headquarters under the Ministry of Energy of Russia charged with securing electric power supply has started holding field meetings to prepare for the upcoming autumn and winter season.