The Secretary-General of OPEC, Dr. Mohammed Barkindo, in his remarks at the inaugural Nigerian International Petroleum Summit (NIPS), stated that countries’ compliance levels to the production cap agreement the cartel and non-OPEC members reached in 2017 and later rolled over to rebalance the oil market, recorded a collective 133% conformity in January 2018, THISDAY reports.
Barkindo, who called for conducive operational conditions for member countries to continue to stabilise the market, explained that the cooperation between OPEC and non-OPEC members had become a force to reckon with in the global oil market. He also lauded Nigeria’s contributions to the success of the cooperation.
He said: “If one word was to be used to describe the impact of the declaration [of cooperation], it would be ‘transformative’, a new player has emerged on the global oil scene – the OPEC and non-OPEC strategic partnership.”
“Many didn’t think it would get off the ground, however, we have registered conformity in 2017 of 107% across all the participating countries and I would like to use this platform to also announce our January figures of 133% that would be released in a couple of hours in the OPEC secretariat,” added Barkindo.

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