Vienna, Austria, 10 November 2015–In a ministerial panel session at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi today (10 November), the OPEC Secretary General, Abdalla Salem El-Badri, was asked questions by the Chair regarding OPEC strategy and the decision taken by the Organization to maintain a production level of 30 million barrels a day (mb/d) at the 166th Meeting of the Conference on 27 November 2014.
In response, El-Badri highlighted the need for OPEC and non-OPEC cooperation in reducing oversupply, and said that, suppose if OPEC had cut by 1.5 mb/d at the November 2014 meeting, it would then have had to cut again at subsequent Meetings of the OPEC Conference.
His comments, however, have been misrepresented or mistaken by some media outlets that have quoted his mention of a cut of 1.5 mb/d, but referenced it to the next Meeting of the OPEC Conference on 4 December 2015.
Mr El-Badri’s comments, in this regard, are clearly in relation to the decision taken by OPEC at the 166th Meeting of the Conference on 27 November 2014.
Editor in Chief