OPEC: The oil industry has passed dark periods and the market situation is currently optimistic

OPEC: The oil industry has passed dark periods and the market situation is currently optimistic


 
08/28/2018

Economy News _ Baghdad

The Organization of Petroleum Exporting Countries (OPEC) stressed the importance of the next ministerial meeting of the Committee to monitor production reduction in Algeria, which will continue to evaluate market developments and study supply and demand interactions in the light of a number of developments, especially with the imminent application of US economic sanctions against Iran, Both have a broad impact on the crude oil market.

"Ministerial and technical meetings between the OPEC and OPEC countries continue successfully under the umbrella of the" Declaration of Cooperation "between producers, which focuses on supporting the principles of mutual cooperation and justice among the various OPEC producers, And beyond.

Barkindo added that "the crude oil industry has already gone through dark periods and returned to light and surrounded by broad optimism now after recovering from sharp declines and the decline in income and loss of jobs and the control of a state of fear that was confusing the market at the time."

In the report, Barkindo pointed to the continued cooperation of producers beyond the goal of market stability to comprehensive cooperation in the process of transition and transition in energy.

Barkindo said that the development of cooperation between producers will be very positive and more solid and able to address the myriad challenges facing the industry now and in future and affect all parties.

Since the implementation of the Declaration of Cooperation, confidence has returned to industry and there has been a clear and positive impact on the world economy.

The report said, quoting OPEC Secretary General, that the work between OPEC and its partners through the "Declaration of Cooperation" has established new and deeper relations between the producing countries and gave the producers a powerful tool to manage the cycles of the market did not exist before.

"The next meeting will complement what has been achieved at the previous meetings of the Ministerial Committee, most notably the review of the fundamentals of the oil market, specifically the assessment of the demand situation in the world's top three consuming countries, the United States, China and India, which account for about 80-70 percent of global demand, The implications of the trade war on growth and therefore demand levels.

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