OPEC/non-OPEC alliance is open to all producers - OPEC's Barkindo
|The Secretary-General of OPEC, Mohammed Barkindo, is out with comments about the current state of the oil production marketplace and OPEC's hopeful outlook on an oil production alliance heading forward.
Key highlights:
- Everybody is benefitting from OPEC's output reductions.
- Demand growth is higher and more solid than it has been in a while.
- The global oil industry should be focusing on long-cycle investment.
- Under-investment in the oil industry is sowing the seeds for a future energy crisis.
- Oil demand should remain high well into 2040.
- The OPEC/Non-OPEC alliance on production cuts is "stronger than the rock of Gibraltar"
- The OPEC/Non-OPEC alliance is an insurance policy against price volatility.
- Sees potential institutionalization of the alliance going forward.
- The alliance is open "to all producers".
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