OPEC to increase oil supply by 1ml barrels per day


The Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC ministers have agreed to increase oil supplies, which had remained unchanged for the past eighteen months.

The Secretary-General of OPEC, Mr Muhammad Barkindo, who disclosed this at the end of OPEC meeting in Vienna, Austria said that the decision to increase oil prices by one million barrels a day, starting July 1, 2018, was taken without political influence.

The Secretary General of OPEC, Mr Mohammed Barkindo.

“The founding fathers of this organisation designed it in a way that will be an unpolitical organisation focusing on the industry and as a technical body that advises member countries. So politics is not for us in the organisation. We remain focused as an unpolitical organisation and will remain focused on our core responsibility of trying to manage the market, especially the instrument of supply management to maintain stability at all times,” the OPEC Secretary-General explained.

According to him, OPEC had transformed and that was why the organisation remained a strong voice in the energy industry.

He said since he took over the leadership of the organisation in August 2016, the membership had grown from 13 to 16 as a result of unrelenting negotiations.

The OPEC Secretary-General also disclosed that the Organisationat was designing a framework that would allow countries to join as part-time members.

Peace PIAK