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Coordination ‘vital’ with non-members, says Opec chief

 PTI |  2016-11-08 23:48:05.0  |  Abu Dhabi

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. 

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