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‘Declaration Of Cooperation’. OPEC’s Most Innovative Enterprise Says Barkindo

Secretary General of the Organisation of the Petroleum Exporting Countries (OPEC) Mr Mohammed Barkindo, on Monday in Abuja said, the organisation had embarked on the ‘declaration of cooperation’ which he described as one of the most innovative enterprises ever known in the history of oil.
This innovation he said, was a response to an unprecedented market turbulence which had a devastating effect not only in the oil industry but in the economies of the organisations member countries.
The OPEC chief was speaking at the opening of the maiden Nigeria International Petroleum Summit (NIPS).
“This was the culmination of an extensive consultation undertaken throughout 2016 with the aim of gaining consensus about the strategic urgency of bringing this market back to balance in a collective manner,” Barkindo said of the declaration of cooperation.
“If one word was to be used to describe the impact of the declaration, it would be transformative,” he said. “The organisation’s decision to cooperate with non-members in cutting crude production costs was transformative,” he emphasised.
As oil prices plummeted, OPEC made a decision for member countries to cut production to force a rise in the price of crude, leading to the emergence of a new player on the global oil scene – the OPEC and non-OPEC strategic partnership – forged to push up prices.
“Many didn’t think it would get off the ground; however, we have registered conformity in 2017 of 107 per cent across all the participating countries, Barkindo said.

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