[New Delhi 15th Reuters]-Secretary-General Barkind of the Organization of Petroleum Exporting Countries (OPEC) is committed to maintaining market stability from next year onwards. Said.
The Secretary-General pointed out that OPEC Plus's rate of production reduction is 136%, and that global supply is being restrained. Production growth in North America, such as the US shale basin, is also slowing down.
OPEC Plus has agreed to cut production by 1.2 million barrels a day until March next year. A meeting will be held on December 5-6.
The Secretary-General said at the India Energy Forum sponsored by CERA Week, “There are a series of voices from all participating countries that we should not re-enter the low oil prices that we have just left.” We should do everything we can to maintain a consistent stability. "
The Secretary-General said that the US-China trade war has had a negative impact on the global economy and oil demand, and that the financial market is becoming more bearish about the economy. However, India continued to drive the increase in global oil demand, and pointed out that demand growth in August reached 127,000 barrels per day.