OPEC, Non-OPEC Oil Producers Should Create Framework for Future Work

Mohammed Bin Saleh Sada, the Qatari energy minister and OPEC’s rotating president said that it is vital to institutionalize a framework for cooperation between OPEC and non-OPEC producing countries, to help better adapt and react to future industry cycles.

VIENNA (Sputnik) — Oil-rich OPEC and non-OPEC countries should agree a solid framework for future cooperation to react faster to ups and downs of the oil market, the Qatari energy minister and OPEC’s rotating president said Saturday.

"We also believe it is vital to institutionalize a framework for cooperation between OPEC and non-OPEC producing countries, to help better adapt and react to future industry cycles," Mohammed Bin Saleh Sada said.

"With regular, structured and sustainable interactions, both at the policy and technical levels, and through working together towards common goals, we can attempt to take the sharp edges off future cycles," he pointed out.

Energy ministers from the OPEC cartel of oil producers and other large producing countries met in the Austrian capital after more than a week of consultations to agree cuts to oil output in order to shore up prices.

OPEC countries are expected to reduce production by 1.2 million barrels a day starting in January, while non-OPEC countries will slash theirs by 600,000 barrels a day – a half of that will come from Russia.