Business

‘Determined for oil market stability beyond 2020’ Says Mohammed Barkindo

Sentinel Digital Desk

New Delhi: OPEC Secretary General Mohammed Barkindo on Tuesday said that the organisation is determined to maintain stability in the global oil market beyond 2020.

The statement gains significance as the Organisation of the Petroleum Exporting Countries (OPEC), along with other major non-OPEC oil producers including Russia, have reduced their production by 1.2 million barrels per day, since January, to support prices. As per the deal, the oil producers would continue to cut production till March 2020.

At an event on the energy sector here, Mohammed Barkindo of the oil cartel also said that “stability in the oil market is good for consumers like India”.

He said that all the market players are determined not to allow a “relapse to the downturn” (in prices) which the market has been able to come out of.

On the dynamics of the oil market, Barkindo said that its market is driven by demand rather than supply. He also said that oil would continue to be a major source of energy in future.

Oil prices have off late been subdued due to the prolonged US-China trade war along with a weak outlook for the global economy. (IANS)