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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

Mohammad Sanusi

Barkindo, OPEC Secretary

General, speaks to the

media in Istanbul.

Delegates attending the



WPC at the Istanbul

Convention Centre in

Istanbul, Turkey.

OPEC bulletin 8–9/17

Barkindo (r), visits the OPEC stand at the WPC. Here seen with Members of the Secretariat’s team.