OPEC ministers hail draft charter of cooperation

VIENNA, Oil ministers of several OPEC states have lauded the endorsed draft charter of cooperation for being a springboard for broader future cooperation among OPEC and non-OPEC oil producer for market stability.

The draft charter of cooperation is of great importance as it brings together 24 oil producing countries from different parts of the world with a view to ensuring long-term cooperation for market stability, Saudi Oil Minister Khalid Al-Falih told KUNA on Tuesday.

The draft charter was unanimously adopted by participants in the sixth ministerial meeting of OPEC and non-OPEC oil producers which held in Vienna on Monday and Tuesday.

Since the start of cooperation with non-OPEC producers three years ago, the two sides made strides which was reflected positively on the international oil market, he said.

Al-Falih said the charter is complementary to OPEC’s cooperation efforts. He expressed strong belief that the charter will give greater impetus to oil markets.

The Saudi minister praised the role played by Russia and other non-OPEC states in adopting the draft charter.

He expected that the charter would strengthen OPEC stance and support oil markets for the beneficiary of both producers and consumers alike.

All energy partners including consumers will find the charter a reassuring factor for the future of energy markets in general, gas and oil in particular, he argued.

In response to a question about the OPEC secretary general’s call for dialogue with the United States, Al-Falih said the United States is a major energy producer and consumer, therefore cooperation with it serves both sides.

For his part, Iraqi Oil Minister Thamer Ghadhban considered the draft of charter of cooperation a starting pointing for greater solidarity among oil producers to ensure the stability of the market and preventing fluctuations in oil prices as well as supply and demand.

Al-Ghadhban stressed the importance of the cooperation of 10 non-OPEC countries, mainly Russia, with OPEC to help stabilize the world oil market and halt any fluctuation in prices that could harm producers or consumers.

In statements to KUNA, UAE Oil Minister Suhail Al Mazroui described the approval of the draft charter of long-term cooperation as a historic moment.

He pointed out that representatives of the signatory countries in Vienna will present it to their governments for final approval and adoption in the future.

He praised the important role played by Russia and Saudi Arabia in reaching this important historical charter.

Meanwhile, Algeria’s Minister of Energy Mohamed Arkab extolled that the charter as a qualitative leap in cooperation among OPEC and non-OPEC oil producers.

He applauded the high level of commitment to production cut agreement.

OPEC Secretary-General Mohamed Bakando, who was re-elected for a second three-year term, said in a statement to KUNA described the charter as a platform for coordination and co-operation that would support OPEC’s approach to securing affordable energy supplies.

Source: Kuwait News Agency