MOSCOW (Sputnik) — The Organization of the Petroleum Exporting Countries (OPEC) is engaged in active cooperation with the European Union, China and Russia in order to stabilize the oil market price, Mohammad Barkindo, OPEC Secretary General, said Monday.
"There is… a clear need to ensure that prices are supported and stabilized. This is something that can only be achieved together, by sharing outlooks and through collaboration among the world’s producers, particularly as the world continues to evolve towards more inter-dependence and more tightly integrated energy markets. Such thinking also lies behind the establishment of active, formal and ongoing dialogues with the European Union, China and Russia, as well as with a number of other non-OPEC producers," Barkindo said as quoted in a press release.
On Wednesday, OPEC agreed for the first time since 2008 to impose an oil production ceiling totaling 32.5 million barrels per day in an effort to stabilize the global oil market and raise the prices. Non-OPEC countries that expressed a desire to participate in the agreement, including Russia, are expected to curtail oil production by a total of 600,000 barrels daily.