18:35 GMT23 January 2021
Listen Live
    World
    Get short URL
    0 43
    Subscribe

    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.

    Related:

    OPEC President Notes Novak's Leading Role in Reaching Oil Output Cut Deal
    OPEC Chief Expects Non-OPEC Producers to Cut oil Output by 600Bpd or More
    US Forecast Predicts Gradual $5 Oil Price Rise After OPEC Output Cutback
    US Congressman Advances an Idea of North American Analogue to OPEC
    Tags:
    oil production, OPEC, Mohammed Bin Saleh Al-Sada
    Community standardsDiscussion