OPEC, non-oil cartel members discuss cuts

OPEC official calls for ‘maximum commitment’ in controlling supply glut

VIENNA: OPEC officials held talks with Russia and other non-cartel members Saturday in Vienna to debate how to implement a plan aimed at cutting oil output to reduce a global supply glut and bolster prices.

“The recovery process has taken far too long and we cannot risk delaying the adjustment any further,” said Sanusi Barkindo, the secretary general of the Organization of the Petroleum Exporting Countries, in his opening remarks.

“Therefore, we should be calling for maximum commitment from all OPEC and non-OPEC countries in this regard and we should expect no less as this is our commitment, not only to our member countries but to the global community.”

Moscow’s delegation declined to comment before the meeting. But OPEC and Russia - the world’s top oil producer along with Saudi Arabia - have held several meetings recently to tighten cooperation to ease price volatility.

“There is an acute and urgent need to speed up the rebalancing,” Russian Energy Minister Alexander Novak said during a recent Vienna visit.

Other non-OPEC members attending the technical committee meeting were delegations from Brazil, Kazakhstan, Mexico, Oman and Azerbaijan.

“We will discuss the recognised positions of countries, first of all the OPEC countries,” Azerbaijan’s Energy Minister Natig Aliyev told reporters in Vienna. He added that some measures needed “to be taken to stabilise the market”.

On Friday, OPEC-only members, led by oil kingpin Saudi Arabia, had met to try and hammer out details of the plan ahead of a summit late next month. Participants’ opinions from the weekend gathering  will be included in a report to be considered by ministers” at the November 30 meeting.

Published in The Express Tribune, October 30^th, 2016.

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