Mohamed Barkindo, Secretary General of OPEC, made the following statement:
- OPEC and other oil producers may need to take extraordinary action next year to restore market equilibrium.
- There is a growing consensus that the market equilibrium process is under way.
- We achieve our common and noble goals gradually but steadily.
- To maintain these goals during the coming year, some extraordinary measures must be taken to restore stability in a sustainable manner.
- There are ongoing consultations to extend the production reduction agreement beyond March 2018.
- More oil producing nations may join the agreement at the next OPEC meeting in Vienna on Nov. 30.
- Nigeria and Libya are making progress towards full recovery of production and may join the agreement after they have been exempted.
- I am not worried about the rise in US shale oil production.
- We are in a big market and the demand is very strong and everyone has a role to play.
- Demand rose by about 2 million barrels a day between the first half and the second half of 2017.
