(MENAFN- AzerNews) By
The OPEC deal to cut oil production has exceeded even the most optimistic of expectations, said OPEC Secretary General Mohammad Sanusi Barkindo at the 2nd High-Level Meeting of the OPEC-China Energy Dialogue in Beijing.
He noted that developing constructive relations with all stakeholders in the energy industry is an utmost priority for OPEC. The course of time has repeatedly shown that no single actor or agency acting alone can resolve all of the issues which the energy industry will face, added the OPEC secretary general.
'I am delighted to say that the consequences of our historic cooperation have exceeded even the most optimistic of expectations. The market rebalancing process is well underway, supported by historically high levels of conformity by participating countries, said Barkindo.
He pointed out that commercial oil stocks in the OECD (Organization for Economic Co-operation and Development) fell further in November and the difference to the latest five-year average has been reduced by around 200 million barrels since the beginning of this year.
'Investments and confidence are returning to the industry and a spirit of collaboration, equity and transparency infuse OPEC's relations with its non-OPEC oil producing partners, added Barkindo.
Earlier, OPEC announced that it, along with Russia and several other non-OPEC producers, had reached an agreement to extend its production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November last year.
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