Barkindo says OPEC to legalise oil cut arrangements with OPEC non-members

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OPEC Secretary-General, Mr Mohammed Barkindo has said that following the success of the second joint Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC meetings, the two organisation are presently looking into legalising their new found relationship, NTA News reports.

Barkindo said this in an interview to highlight the successes of the second OPEC and non-OPEC joint meeting in May, which would lead to a further global oil production cut of 1.8 million barrels per day for the next nine months, beginning July, 2017.

He said that to achieve global crude oil price stability, it was important that the current cooperation between both groups is deepened and structured in the interest of both oil producing and consuming countries.

“This is one of the issues that we are putting top on our priority. We have a vision of establishing a platform for stability of oil prices on a sustainable basis,” he said. “However in terms of the final structure of this relationship, it is very difficult to say because it is a work in progress,” he added.