Cooperation between OPEC+ countries should be expanded for the sake of sustainable stability in the oil market. This was stated by OPEC General Secretary Mohammed Barkindo at the opening ceremony of the "southern gas corridor" in Baku.
"OPEC is ready to consider any possibilities for expanding cooperation with Azerbaijan. I think that the cooperation of OPEC+ should be expanded. We need to think about sustainable stability, this is a global challenge," Barkindo Trend quotes.
OPEC and a number of non-member countries (OPEC+) agreed at the end of 2016 in Vienna to reduce their oil production by a total of 1.8 million barrels per day from the level of October 2016, of which 300 thousand are in Russia. The agreement was signed in the first half of 2017 and has been extended twice, the last time — until the end of 2018.
Last week there was news of a possible easing of the deal. Against this background, oil prices on Friday fell by 3-4%
The official opening ceremony of the southern gas corridor project takes place on May 29 in Baku. The SGC project provides for the transportation of 10 billion cubic meters of Azerbaijani gas from the Caspian region through Georgia and Turkey to Europe. At the initial stage, gas is considered as the main resource for transportation, which will be produced within the second phase of development of the Shah Deniz gas condensate field. In the future, other sources can be connected to the project.