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Barkindo to discuss OPEC+ deal performance with African nations

July 27, 14:53 UTC+3

"Strengthening OPEC and non OPEC cooperation under the Declaration of Cooperation" will be discussed, Barkindo said

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MOSCOW, July 27. /TASS/. Negotiations with authorities of Gabon and Equatorial Guinea will be held this week regarding delivery of quotas by these countries within the OPEC+ oil cut deal framework, OPEC Secretary General Mohammed Barkindo told TASS on Thursday.

"Strengthening OPEC and non OPEC cooperation under the Declaration of Cooperation" will be discussed, Barkindo said. It will be discussed at the level of presidents and discipline ministers of two countries, he said.

The trip to Malabo, the capital of Equatorial Guinea, and Gabon’s Libreville will take about a week, Barkindo added.

Negotiations with OPEC’s African members will be held against the background of the OPEC+ ministerial monitoring committee held in St. Petersburg on July 22-24. It was reported earlier the average performance of the oil production limiting plan was 98%.

In late 2016, OPEC member-states and 11 independent oil-exporting countries, including Russia, entered into an agreement to reduce oil production. According to that agreement, during the first half of 2017 the participants were to withdraw 1.8 million barrels per day from the oil market in comparison with the level of October 2016.

In May, at the meeting in Vienna, the countries extended the agreement until April 2018, maintaining the previous quotas for all participants. The purpose of the agreement is to reduce global oil reserves to the average level of the last five years.

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