OPEC´s Barkindo: OPEC, non-OPEC members are on course to reach 100 percent compliance

During a speech at the IHS CERA conference in New Delhi, the OPEC Secretary-General Mohammad Barkindo made some comments on the OPEC and non-OPEC compliance on the oil output policy.

Key Points:

Global spare oil capacity was shrinking.

Producers and companies should increase their production capacities and invest more to meet current demand.

Members of the OPEC and non-OPEC countries participating in a supply-reduction agreement are on course to reach 100 percent compliance.