Consultations among OPEC and non-OPEC producers to continue
"We believe it is vital that OPEC and non-OPEC producers come together and take coordinated and timely action to rebalance the market, for the common good of all.
"Our industry works best with collaboration, cooperation and consensus," said Mohammad Sanusi Barkindo, OPEC Secretary-General, in his keynote address at the opening of the 2016 Abu Dhabi International Petroleum Exhibition and Conference.
He said that OPEC had been undertaking intensive consultations over the past few months about how best to return stability to the market.
"As this event highlights, there are many reasons why we should be optimistic about the industry’s future. It is clear that oil and gas will continue to be fuels of choice.
"And I have no doubt that through innovation, human ingenuity and technology, the industry will be able to continually transform itself to overcome the challenges it faces, and unlock the many opportunities before it in the years ahead," he added.
"Of course, the current oil market is a challenging environment. However, as I have been witness to over the past couple of months, and I am sure will be readily apparent here at ADIPEC, the best way forward is for all industry stakeholders to continually dialogue and work towards achieving more stability for our industry.
"This is not only in the short-term, but in the long-term as well. This will help us deliver a sustainable energy future; for all producers and for all consumers too," he affirmed. ■