OPEC Secretary General Mohammad Sanusi Barkindo on Wednesday said the group’s output deal with other major non-member producers has “exceeded most optimistic of expectations.”
Noting the accomplishment of bringing together 24 oil producers, Barkindo added that the “platform is still open to other oil producers.”
Speaking at the 7th OPEC International Seminar in Vienna, the secretary general said the group is looking at options to institutionalize OPEC and non-OPEC cooperation framework for continuity.
The output deal has helped return global oil market to rebalance, Barkindo said, adding that industry investment has also gradually started to pick-up.
In December 2016, OPEC and other major producers led by Russia had agreed to slash crude supply by 1.8 million barrels per day (bpd) in an effort to shore up prices and rebalance global oil market.
The output-cut deal has been extended twice since it was first implemented and now expires at the end of this year.
OPEC and non-member participants are expected to discuss the future policy measures for the agreement during their meeting on Saturday.
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