OPEC, GECF To Boost Cooperation

OPEC, GECF To Boost CooperationOPEC, GECF To Boost Cooperation

The secretaries general of the Organization of the Petroleum Exporting Countries and the Gas Exporting Countries Forum (GECF) signed a Memorandum of Understanding to strengthen cooperation in research and sharing of best practices.
Mohammad Sanusi Barkindo, Secretary General of OPEC, and his GECF counterpart, Yury Sentyurin, signed the MoU in Moscow Thursday on the sidelines of Russian Energy Week, reported.
The purpose of the MoU is to establish and strengthen cooperation in order to carry out activities and share experience, views, information and best practices in areas of mutual interest.
Areas of cooperation identified in the MoU include energy market monitoring, analysis, modeling and forecasting; energy market research studies covering the short- medium- and long-term, and their methodologies; energy market data and statistics, data and statistical operational topics; energy initiatives and developments aimed at sustainability, along with environmental and social responsibility; and other areas and matters involving common interests and concerns.
OPEC and GECF also agreed to cooperate on the exchange of information and data; hold expert meetings and internal bilateral workshops to promote the exchange of knowledge and experience; and cooperate on seminars, workshops, conferences and publications.
The MoU follows discussions that took place earlier this year between the secretaries general on the sidelines of the 9th IEA-IEF-OPEC Symposium on Energy Outlooks. The symposium took place at the International Energy Forum Secretariat in Riyadh, Saudi Arabia.
Algeria, Equatorial Guinea, Iran, Libya, Nigeria, the United Arab Emirates and Venezuela are members of both Organizations.
OPEC Member Countries Angola and Iraq are also GECF observers.


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