The Organisation of Petroleum Exporting Countries, OPEC has called for increased cooperation between OPEC and non-OPEC members oil price drops from $72 to $71 per barrel in the global market.
A market survey conducted by The Daily, www.thedaily-ng.com, showed that the Price of Brent stood at $71.70 per barrel.
Also, the price of OPEC basket of 14 crudes stood at $69.29 a barrel on Friday, compared with $68.73 the previous day, according to OPEC Secretariat calculations.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
However, in his keynote address – New Energy Era: Transformation, Diversification and Integration – delivered at the 5th Kuwait Oil & Gas Show, 16 April 2018, Kuwait City, Kuwait, OPEC Secretary General, HE Mohammad Sanusi Barkindo, stated that much cooperation was required to achieve stability in the market.
He stated that: ‘’correspondingly, global oil demand growth has been robust and strengthening. It is expected to grow by 1.63 mb/d in 2018, following a similar trend in 2017.
‘’And the OECD stocks overhang has fallen from around 400 million barrels (mb) against the five-year average in February 2016, to a level below 40 mb, a trend that will continue in the coming months.
‘’We have not only turned a historic page, but a new chapter is being authored in the history of the industry by OPEC and its non-OPEC partners, who continue to demonstrate the power of cooperation and dialogue to restore stability and growth in the global oil market, and the knock-on positives of this for the global economy.
‘’Moreover, in the months ahead we will look to institutionalise this long-term framework for continuity with an inclusive and broad-based participation, to look at some of the pertinent challenges, as well as opportunities, I have highlighted in this speech.
He added that: ‘’in talking of a ‘new energy era’ I earlier put forward two questions. In looking at these, it is clear that we will need a diversified energy mix; the transformative use of technologies across all energy sources; and a more integrated and holistic industry.’’