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"I
want to assure you that the OPEC, non-OPEC partnership will
continue to do what it knows best, by ensuring that we don't
relapse into this almost historic plunge that we saw," Mohammad
Barkindo said.
Barkindo was answering a question at the Energy Intelligence
Forum on whether there was room for a planned increase in oil
output from January by OPEC+, a grouping that includes OPEC
states, Russia and other allies.
"We have to be realistic that this recovery is not picking up
pace at the rate that we expected earlier in the year," he said.
"Demand itself is still looking anaemic."
A technical OPEC+ committee meeting is taking place on Thursday
to discuss compliance with oil cuts and market fundamentals.
The group had 102% compliance with its cuts in September, two
OPEC+ sources told Reuters.
Countries such as Iraq, Nigeria and the United Arab Emirates,
which had fallen short of their commitments, have been asked to
make additional cuts until the end of the year to compensate for
the shortfalls.
Barkindo said the compensation scheme was working well.
OPEC+ is due to taper production cuts by 2 million barrels per
day (bpd), from 7.7 million bpd currently, in January.
Barkindo said when OPEC+ holds its ministerial meetings on Nov.
30 and Dec. 1 it will take stock of the whole year to inform any
decision to stay the course or amend its policy.
On Tuesday, the energy minister from the United Arab Emirates
told the same event that OPEC+ will stick to their plans to
taper oil production cuts from January.
(Reporting by Alex Lawler and Ahmad Ghaddar; Editing by Edmund
Blair and David Goodman and Kirsten Donovan)
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