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OPEC, Non-OPEC Oil Producers Should Create Framework for Future Work

© AFP 2023 / JOE KLAMARA security officer overlooks a street from a rooftop of the OPEC headquarters in Vienna. (File)
A security officer overlooks a street from a rooftop of the OPEC headquarters in Vienna. (File) - Sputnik International
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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.

Employee works at the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico January 17, 2014 - Sputnik International
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OPEC Chief Expects Non-OPEC Producers to Cut oil Output by 600Bpd or More
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.

OPEC President and Qatari Energy Minister Mohammed Saleh Al Sada at the news conference following the OPEC meeting in Vienna - Sputnik International
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OPEC President Notes Novak's Leading Role in Reaching Oil Output Cut Deal
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.

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