Barkindo Urges Cooperation Between OPEC, Non-OPEC Countries

Secretary-General of OPEC, Mohammad Barkindo, called for cooperation between OPEC and non-OPEC countries on Tuesday, warning that failure to do so could lead to one crisis after another.

“It is important that OPEC and non-OPEC countries cooperate so that we do not fall from one crisis to another,” Barkindo said at an event organized by Spanish oil and gas company Cepsa in Madrid.

Iranian Oil Minister Bijan Zanganeh said on Sunday he hoped decisions taken by the OPEC and non-OPEC ministerial committee would not be affected by comments made by the U.S. President Donald Trump on oil producers.

Trump, in a tweet, has linked U.S. support for Middle Eastern countries to oil prices and has repeatedly urged OPEC to lower prices.

OPEC and its allies reduced oil output in August as a drop in Iranian supply due to U.S. sanctions.

Global energy demand is expected to grow by 33 percent to 2040, the Secretary General of the Organization of the Petroleum Exporting Countries, Barkindo said, citing the group’s long-term world oil outlook, released on Sunday.

Oil would continue to have a predominant role in the energy mix for the foreseeable future, Barkindo said during a question and answer session.

Source: Reuters

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