Mohamed Barkindo, Secretary General of OPEC, made the following statement:
- Global demand in 2018 is still expected to reach 1.4 million bpd.
- Stocks stabilized at an average of 5 years at 171 million barrels in August compared with 338 million barrels at the beginning of the year and dominated by crude.
- We may see new members joining the cut production agreement.
- We urge our shale oil producers to take this shared responsibility.
- We are currently witnessing a rapid return to normalcy and a balanced oil market.
- Saudi oil production cuts in November are unprecedented and welcome.
- By 2040, oil and other fossil fuels will account for about 70% of the world's energy basket.
- Global oil demand is increasingly moving towards India.
- Growth in India attracts many OPEC members.
- OPEC and the United States agreed on the need to stabilize the oil market.
- A meeting between OPEC and the United States will be held to agree on reducing oil production.
- Oil inventories have fallen sharply over the past few months.
