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OPEC, non-OPEC members hammer out continuity strategy after March 2018 — Secretary General

July 11, 2017, 15:39 UTC+3

On May 25, OPEC and non-OPEC countries agreed in Vienna to extend the existing level of oil production cut

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MOSCOW, July 11. /TASS/. Participants in the OPEC+ oil production limiting agreement are working on the continuity strategy instead of preparing the strategy for exit from the deal expiring in March 2018, OPEC Secretary General Mohammed Barkindo told TASS on Tuesday on the sidelines of the 22nd World Petroleum Congress in Istanbul.

"On May 25 we extended the agreement for nine months. Now we are already looking beyond the line of nine months. We are looking at the continuity strategy, not at the exit strategy," Barkindo said. Cooperation between agreement participants "goes beyond supply and adjustment," he said. "This is cooperation we are trying to institutionalize," Barkindo added.

This is not related to extension of oil production limiting activities after expiry of the oil production limiting deal, the OPEC Secretary General said. "There are other elements" in cooperation among agreement participants, he said.

"We are looking beyond the market rebalancing," Barkindo added.

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