(MENAFN- Kuwait News Agency (KUNA)) VIENNA, Nov 27 (KUNA) -- OPEC and non-OPEC producers managed through the deal they concluded a year ago to accomplish what many believed "impossible' and cu-authored a new chapter in the history of the oil industry, said OPEC Secretary General Mohammed Barkindo on Monday.
Barkindo made the statement today at the second of the OPEC-non-OPEC technical meeting, under the umbrella of the Declaration of Cooperation both concluded in Vienna a year before.
The First Technical Meeting of OPEC and non-OPEC Producing Countries was held in the Austrian capital in May.
"We have accomplished what naysayers thought would be impossible, and we have done it with equity, transparency, inclusiveness and fairness. The current market conditions, the returning level of confidence and optimism in the industry are all evidence of the outcome of our joint efforts," he said.
Barkindo added that together with non-OPEC partners, "we have co-authored a new chapter in the history of this industry, one that is about cooperation, stability and sustainability." "Our work together over the past year has forged new relationships between OPEC and non-OPEC countries which never existed in the past," he noted. "The current market conditions, the returning level of confidence and optimism in the industry are all evidence of the outcome of our joint efforts." He referred to the decisions that were made as "historic and mark the first time in the history of the industry that 24 OPEC and non-OPEC producers have joined forces to help contribute to improving oil market stability." He said that the second meeting for the technical experts of OPEC and participating non-OPEC countries is meant to provide the opportunity to "exchange views on key factors impacting oil market developments, including a morning session dedicated to developments in non-OPEC liquids supply." The OPEC chief stressed that the "path towards market stability has seen several bumps along the way, and we have suffered occasional setbacks, but our determination and hard work are paying off. The commitment shown by each and every country participating in the Declaration of Cooperation is unprecedented and most remarkable." Average conformity to the supply adjustments has been over 100 per cent since the implementation of the decision on January 1, 2017, has led to a "new optimism in the oil market not seen for a very long time." After reaching record-high levels of more than 380 million barrels over the five-year average, Organisation for Economic Co-operation and Development (OECD) commercial oil inventories have steadily fallen to stand 140 million barrels above the five-year average in October, he said. (end) amg.msa
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