Barkindo, who said this was part of lessons learnt from the most recent and perhaps worst prolonged oil market downturn in history, said oil producers must always have the mid and long-term in mind in making short-term calculations and decisions.
Oil-producing countries “must always be vigilant of market signs and indicators; and (that) we must always have the mid and long-term in mind as we make our short-term calculations and decisions.
“Recognising that something needed to be done in direct response to this recent market downturn was a positive, constructive response by responsible global producers,” the OPEC secretary-general said.
According to him, another lesson from the oil market downturn is that oil-producing countries “can and should no longer act in isolation”.
“The complexity and interrelated nature of markets and economies today requires concerted efforts to ‘not go it alone’ and to instead seek ways to work together in common cause.
“Collective problems require collective responses – and this is something that the international community continues to learn,” Barkindo further stated.
He added that to effectively address the major global challenges related to climate change and the environment, sustainable development and energy poverty, oil producers must expand and institutionalise the ‘Declaration of Cooperation’ undertaken by OPEC and non-OPEC producers led by Russia, which has helped oil market rebalance and price recovery.