ECONOMY


OPEC+ invites US to join charter

Baku, October 11, AZERTAC

The Organization of the Petroleum Exporting Countries (OPEC) and its partners, dubbed as OPEC+, have invited the U.S. to join the charter of cooperation since the country is the world's biggest oil producer, Secretary General of OPEC Mohammed Barkindo announced at a news conference in London on Thursday, Anadolu Agency reported.

According to TASS News Agency, "If you look at the charter, its members are all oil producers. How can we have a platform of oil producers without the U.S.? We have a formal invitation for the U.S. to join the charter," Barkindo said.

Rivalry between OPEC and U.S. shale came to a rapprochement in March 2017 when Barkindo confirmed that he held talks with some American shale oil companies in Houston, Texas where the global energy conference CERAWeek 2017 was held.

OPEC and its allies, including Russia, agreed in early July to extend curbing their total production by 1.2 million barrels per day (mbpd) until the end of March 2020 to boost oil prices and curb oversupply.

The group had originally decided on Dec. 7, 2018 to lower total output by 1.2 mbpd in order to balance the oil market and support crude prices.

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