…Pushes for roll over of oil cut deal
01 December 2017, Sweetcrude, Lagos – The Organisation of the Petroleum Exporting Countries, OPEC, has urged world leaders to consistently occupy themselves with environmental issues, describing focus on climate change as “critically imperative”.
Saudi Arabia’s Minister of Energy, Industry and Mineral Resources and President of OPEC, Khalid Al-Falih, made the call in his opening address to the 173rd meeting of the OPEC conference held in Vienna, Austria on Thursday.
According to him, the issue needs to be given due attention.
“As we did earlier this month at the United Nations Framework Convention on Climate Change (UNFCCC), in Bonn, or COP23, we need to continually engage on environmental issues,” he said.
The OPEC president emphasised on the importance of reducing the carbon footprint of oil, the need for a combination of conventional and emerging energy sources, and the importance of developing a realistic global energy pathway to the future.
On the ongoing oil cut deal between OPEC and non-OPEC, Al-Falih pressed that the deal is just half-way gone, urging that further cuts was required to achieve the total goal.
“Let me emphasise that we have come a long way in terms of market rebalancing and returning the market to health and stability.”
“While it is evident that a lot more still needs to be done to meet our goals in a sustainable manner, I am confident that through collaborations, adaptability and determination, we will successfully respond to what lies ahead. I look forward to continuing to work with each of you to extend our success in strengthening short-term market conditions, so that our nations and the global economy as a whole can enjoy the benefits of stable and sustainable petroleum markets in the long term”, he said.
OPEC and non-OPEC members are meeting on Thursday to deliberate particularly on the cut deal started in January through March next year.
The group and its oil-producing-countries allies had in December 2016, pledged to cut 1.8 million barrels per day of output to boost oil prices.