Coordination between members of oil-exporting cartel Opec and non-member producers is “vital” to rebalance the market, Opec chief Mohammad Barkindo said on Monday. “We believe it is vital that both Opec and non-Opec countries come together and take coordinated action to rebalance this market for the common good of all,” Opec secretary general said at a forum in Abu Dhabi.
Opec pledged after a meeting in Algiers on September 29 to cut production for the first time in eight years on the back of a sustained depression in global prices. “The agreement underlined the organisation’s commitment to sustainability of oil markets,” he said. “We as OPEC remain committed to the Algiers accord,” he said.