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OPEC to prepare special mechanisms against future shocks and changes

30 May 2018 09:15 (UTC +04:00)

After Vienna agreement, one of the OPEC’s duties is to rebalance energy market, OPEC Secretary General Mohammed Barkindo said at the 25th Caspian Oil and Gas Conference.

According to him, assurance in oil market is also one of the OPEC’s duties: ‘New mechanisms will be prepared against future shocks and changes in the market. We should consider long-term perspectives on the background of our successes and achievements. One of the challenges ahead of us is to provide making of investments in the future. Investments in oil industry are gradually increasing in 2018. However, it’s not sufficient. Oil industry needs $10.4 trillion of investments by 2040. For this purpose, all gaps should be eliminated. Only way to combat these challenges is cooperation’.