(MENAFN- AzerNews) By Trend
OPEC's focus has always been on a balanced and stable market, Mohammad Barkindo, OPEC Secretary General, told Trend.
"This has been true since the Organization was formed back in 1960. It has also been evident in the Organization's landmark cooperation with non-OPEC producers through what is now known as the Declaration of Cooperation since 2017," Barkindo stressed.
The OPEC secretary general went on to say that the core aim of the cooperation can be summarized in just four words - sustainable oil market stability.
Barkindo pointed out that this is in the interests of all producers, consumers, and the global economy, in general.
He underlined that it is clear that the nations in the Declaration are not seeking a quick-fix to temporarily alleviate the oil industry's woes.
"We should never underestimate how severe and potentially ruinous that last downturn was in 2015 and 2016, with nearly $1 trillion in investments frozen or discontinued, many hundreds of thousands of jobs lost and a huge number of companies in filing for bankruptcy. It was one of the most calamitous downturns in the long history of oil," Barkindo stated.
Further, touching upon the U.S. shale oil production, he noted that it is evident that it will continue to expand in the coming years.
"In OPEC's recently released World Oil Outlook (WOO) 2018, U.S. shale oil reaches close to 14 million barrels a day by the mid- to late-2020s, before declining to around 12 million barrels a day by 2040. It means that in the long-term, demand for OPEC crude is projected to increase to around 40 million barrels a day in 2040, up from 32 million barrels a day in 2018. The share of OPEC crude in the global oil supply is estimated to increase from 34 percent in 2017 to 36 percent in 2040," Barkindo explained.
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