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News // Middle East and OPEC

OPEC Secretary General: Fair price necessary for oil market stabilization

26 September 2016 , 13:00Neftegaz.RU707

If the oil price is fair for both supply and demand side, a stable oil market can be formed, Secretary General Mohammed Sanusi Barkindo said on September 25, 2016.

 

He made the remarks in an exclusive interview with Tehran-based Shargh Daily.

Answering a question about severe differences among OPEC member states, he noted that OPEC has a track record of always overcoming differences to adopt decisions.

Barkindo urged unity among OPEC member states and noted that there is high level of coordination among member countries. Speaking about industrialized countries' efforts for finding alternative sources of energy, he said oil will continue to be the dominant and best source of energy for the global economy.

Sanusi Barkindo underlined fair oil market for both supply and demand sides and said that fair price is necessary for a stable market. He referred to extreme decreases and increases of oil prices in the past and noted that OPEC is not interested in both extremes because they harm global economy.

 

Speaking about decisions to be made in the upcoming meeting of OPEC ministers in Algeria in September, Barkindo said that the meeting is an informal meeting and an opportunity for consultation among member states. He answered a question about discussing the issue of 'oil freeze' in the Algeria summit and noted that market condition is an important factor in case of 'oil freeze'.

Elaborating the issue of oil production ceiling, Barkindo said discussions are still underway to adopt a coordinated action in this regard.

OPEC expects none-member oil producing countries to cooperate for stabilization of market, he added.

Barkindo said that «My message to all OPEC member countries is to continue the spirit of cooperation and to exercise high level of flexibility and compromise.»

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