OPEC GECF signs MoU to strengthen cooperation

Quick Saudi Response Was Key to Curbing Volatility – OPEC Sec-Gen

The Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Mohammed Barkindo has said that Saudi Arabia’s quick moves to restore output have been crucial to curbing oil price volatility after the global oil market had been shaken up following the attacks on some of its facilities. Barkindo told an energy conference in Kazakhstan that an extraordinary meeting of OPEC members and fellow oil exporters was not on the cards as Saudi Arabia has restored the bulk of its supply and the incident was “behind us”.

The group remains focused on maintaining oil price stability and “will do whatever it takes to insulate oil from politics”, he said. Barkindo also said OPEC expected robust longterm growth in oil demand, especially from developing nations. Speaking about shorter-term risks, he said the oil market was focusing on the outcome of the trade talks between the United States and China. Overall, while global economic growth figures indicated deceleration, they were not “worrisome” and indicated no signs of recession, Barkindo said.

Source: Hellenic Shipping News

GECF Secretary General Dr. Yury Sentyurin and OPEC Secretary General Barkindo

OPEC, GECF Sign MoU to Strengthen Cooperation

The Secretaries-General of the Organization of the Petroleum Exporting Countries (OPEC) and the Gas Expor ting Countries Forum (GECF) on Friday, October 4th, signed a Memorandum of Understanding (MoU) to strengthen cooperation in research and the sharing of best practices.

HE Mohammad Sanusi Barkindo, Secretary-General of OPEC, and his GECF counterpart, HE Yury Sentyurin, signed the MoU in Moscow on the sidelines of Russian Energy Week.The purpose of the MoU is to establish and strengthen cooperation in order to carry out activities and share experiences, views, information and best practices in areas of mutual interest. Areas of cooperation identified in the MoU include energy market monitoring, analysis, modelling and forecasting; energy market research studies covering the short- medium- and long-term, and their methodologies; energy market data and statistics, data and statistical operational topics (such as methodologies of data gathering, assessment and dissemination); energy initiatives and developments aimed at sustainability, along with environmental and social

responsibility; and other areas and matters involving common interests and concerns.

OPEC and GECF also agree to cooperate, where possible and appropriate, on the exchange of information and data; hold expert meetings and internal bilateral workshops to promote the exchange of knowledge and experiences; and cooperate on seminars, workshops, conferences and publications.

In addition, OPEC and GECF may further identify any other appropriate means to further their cooperation. The MoU follows discussions that took place earlier this year between the Secretaries General on the sidelines of the 9th IEA-IEF-OPEC Symposium on Energy Outlooks. The symposium took place at the International Energy Forum (IEF) Secretariat in Riyadh, Saudi Arabia. At their meeting of 27 February 2019, the Secretaries General recognized the numerous areas of mutual interest to both Organizations, including the fact that they have many Member Countries in common. They emphasized their desire to continue working closely together, both at a high-level, as well as on a technical level.