Compliance to OPEC output cut total—says OPEC Secretary General

Folake Sokoya

OPEC members response to the output cut call by the oil cartel was 94 percent observed by member countries, according to Mohammad Sanusi Barkindo, OPEC Secretary General.

Barkindo, made the observation at the 3rd GCC Petroleum Media Forum held in Abu Dhabi last week, under the auspices of His Highness, UAE President Sheikh Khalifa Bin Zayed Al-Nahya

In a keynote speech, he reviewed the achievements of the production adjustment decisions taken in Vienna at the 171^stOrdinary Meeting of the OPEC Conference on November 30, 2016, and at the OPEC/non-OPEC meeting on December 10, 2016, by OPEC’s 13 Member Countries, and joined by 11 participating non-OPEC nations.

“For the month of February, conformity to the adjustment stood at 94%, which was eight percentage points above the January figure already, in itself, impressive,” he said.  He added that conformity for the month of March is expected to be more than the February figures.

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In his speech, the Secretary-General also thanked HE Suhail Mohamed Al Mazrouei, the UAE’s Minister of Energy, “for his skillful, persuasive and constructive engagements during the intensive negotiations” that paved the way for last year’s historic decisions.  “I am indeed very confident our collective action will continue to prove effective and bring us the results we are seeking,” he added.

After the Secretary General’s speech, a video was shown showcasing the first phase of the ‘Oil and Gas Big Data Project’, a joint initiative of the OPEC Secretariat and the UAE Ministry of Energy.  The project is aimed at developing a comprehensive, multi-dimensional and easy-to-use tool for analyzing publicly available oil and gas data.

According to the video, it will have the capacity to display raw figures, compare time series between countries, as well as flows and products.  The results of the first phase of the project are expected to be presented during the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) on 13-16 November 2017.