OPEC Dialogue: Barkindo highlights importance of DoC, participating countries

The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), His Excellency, Mohammed Sanusi Barkindo, is participating in the International Petroleum Technology Conference (IPTC) 2020, which is taking place for the first time in the Kingdom of Saudi Arabia.

Speaking at the forum, Barkindo commended the high calibre of the international gathering to elevate the critical role of science, technology and innovation in addressing complex and challenging issues of today’s oil and gas industry.

He recalled the severe consequences of the recent oil market imbalance, which led to inevitable need for a broader act and commitment that culminated in the ‘Declaration’ of 24 oil producing countries.

The OPEC Secretary General also highlighted on the success and critical importance of the ‘Declaration of Cooperation’ and the participating countries’ efforts to restore balance and maintain stability in the oil market.

He stated further that the DoC’s decisions are collectively taken, implemented and monitored. It is a flexible mechanism that is adaptable to different market conditions. It has proven effective, driven in a transparent manner by a broad and collective coalition.

Barkindo underscored the value and importance of the established dialogue with the independent producers in the US shale basin, and stated that both sides are keen to further strengthen their dialogue for better understanding.