had taken longer than expected at the end of 2016, it
remained on course, with global stock levels falling. He
added that he saw this destocking process continuing in
the second half of 2017, particularly with
the expected pick-up in global demand.
Dialogue with all producers
Barkindo also added that it was vital
to continue to be proactive in evolving
dialogues with all producers to create
a secure and sustainable energy future.
In this regard, in talking to the media in
Istanbul, he noted that “OPEC has broken
the ice in reaching out to shale produc-
ers in the US.
“We sat with them and we had a very
productive and very useful preliminary
meeting with them. We all agreed that
we should continue these meetings,” he
He said that he believed that OPEC
and shale producers have begun to
“understand” each other, and at the end
of the day, he said, we all belong to the
same oil market.
He noted that all global oil produc-
ers should help balance the market. “It
Barkindo, OPEC Secretary
General, speaks to the
media in Istanbul.
Delegates attending the
WPC at the Istanbul
Convention Centre in
OPEC bulletin 8–9/17
Barkindo (r), visits the OPEC stand at the WPC. Here seen with Members of the Secretariat’s team.