OPEC notes role as market stabilizer

16 Feb 2017   OPEC

The secretary-general of OPEC said market stability was a primary objective for the production group, but noted the importance of spare capacity. Mohammad Sansui Barkindo, the secretary-general of the Organization of Petroleum Exporting Countries, continued his visit with Saudi delegates this week. In Riyadh, he discussed market trajectory with Saudi Energy Minister Khalid al-Falih, who serves also as the president of the OPEC conference. During his meetings, Barkindo said Saudi Arabia is a key player and one of the primary movers behind a deal reached in November to erase the glut of oil on the market that dragged oil prices to historic lows last year. “OPEC’s goal is stability of the oil market,” he said in a statement . As its largest producer, Saudi Arabia […]

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