OPEC chief urges all members to meet oil cutting commitment

HOUSTON, Mar. 06 (MNA) – OPEC Secretary General Mohammad Sanusi Barkindo said he expects all members of last year's oil-cutting deal to meet their commitments.

Thirteen OPEC members are expected to cut oil production by 1.2 million barrels per day (bpd) within the so-called Vienna Agreement. Russia, as part of 11 non-OPEC producers' wider 558,000 bpd reduction that went into effect this year, pledged to reduce production by 300,000 bpd.

The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) reported in late February that producers achieved 86-percent conformity with pledged cuts in January.

"We don't like to preamble anybody, because we've got commitment from all 24 countries. They will achieve their obligations," Barkindo told reporters on the sidelines of the CERAWeek energy conference in the US city of Houston.

The OPEC expects that the results of the deal on decreasing oil output in February would be better than the ones in January, OPEC Secretary General Mohammed Barkindo said.

"We expect a higher level of conformity than in January. January is the first month. So, everybody is struggling," Barkindo told reporters.

According to the OPEC's February figures, the organization has cut the output down to 32.1 million barrels per day by 890,200 barrels if to compare with December, implementing the deal's provisions by over 90 percent.

OPEC Secretary General Mohammad Barkindo also said he had met shale oil producers in the United States ahead of the CERAWeek annual gathering of senior energy executives.

"We're just coming from a dinner with 'shale guys.' They are very happy with what we have done. They deeply appreciate the efforts of OPEC and non-OPEC," Barkindo told reporters.

The head of the 13-member cartel answered in the affirmative when asked whether US shale oil producers would like to cooperate with OPEC.

"Of course," Barkindo said.


News Code 124030


Your Comment

You are replying to: .
  • captcha