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Barkindo Reiterates Need for OPEC, Non-OPEC Cooperation

Barkindo Reiterates Need for OPEC, Non-OPEC Cooperation Barkindo Reiterates Need for OPEC, Non-OPEC Cooperation

OPEC Secretary-General Mohammad Barkindo called for cooperation between OPEC and non-OPEC countries, warning that failure to do so could lead to one crisis after another.

“It is important that OPEC and non-OPEC countries cooperate so that we do not fall from one crisis to another,” Barkindo said at an event organized by Spanish oil and gas company Cepsa in Madrid, Reuters reported.

Iran’s Oil Minister Bijan Zanganeh said on Sunday he hoped decisions taken by the OPEC and non-OPEC ministerial committee would not be affected by comments made by the US President Donald Trump on oil producers.

Trump, in a tweet, has linked US support for Middle Eastern countries to oil prices and has repeatedly urged OPEC to lower prices.

OPEC and its allies reduced oil output in August as a drop in Iranian supply due to US sanctions.

Global energy demand is expected to grow by 33% to 2040, Barkindo said adding that oil would continue to have a predominant role in the energy mix for the foreseeable future.

Oil prices eased on Wednesday but were still set for a fifth consecutive monthly quarter of gains, driven by an impending drop in Iranian exports in the last three months of the year when global demand heats up.

Brent crude futures were last down 21 cents on the day at $81.66 a barrel, having risen to $82.55 on Tuesday, its highest since November 2014. 

US crude futures were down 19 cents at $72.09 a barrel. 

 

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