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OAPEC Activities
18
Volume
44
Issue
2
HE Bakheet Al Rashidi, Kuwait’s Minister of
Oil, Electricity and water, said that by the end
of 2018, OPEC countries will discuss finding a
new permanent mechanism to ensure market
stability to replace the current temporary
OPEC and non-OPEC members’ deal on cutting
output that will expire by the end of this
year. He clarified that the mechanism does
not target stocks or fixed oil prices but seeks
market stability in general, with a special focus
on supply and demand.
He added in press statements on the side-
lines of the
Energy Strategy Forum,
held in
Kuwait on 31 January 2018, that OPEC and its
ENERGY STRATEGY FORUM
TRANSITION & OPPORTUNITY: ENSURING
SUCCESS IN THE NEW ENERGY MARKET
HE AL RASHIDI:
THERE IS A NEED FOR A PERMANENT
COOPERATION MECHANISM BETWEEN
OPEC AND NON- OPEC COUNTRIES
non-OPEC partners focus on market stability
regardless of the oil prices that are not an
obsession. He stressed that the organization
seeks to strike a balance between supply and
demand, which serves the interests of both
producers and consumers.