Business & Finance

OPEC, GECF clinch deal to boost research

VIENNA, The Organization of the Petroleum Exporting Countries (OPEC) signed on Saturday a deal with the Gas Exporting Countries Forum (GECF) to strengthen cooperation in research and the sharing of best practices.

Mohammad Barkindo, the 14-nation bloc’s secretary general, along with his GECF counterpart Yury Sentyurin, put their names on the dotted line on the sidelines of an energy forum in the Russian capital Moscow, read an OPEC statement.

“We look forward to utilize the framework we signed today to deepen discussions, as well as undertake joint work and actions, in the interest of our members, entire industry and the global economy,” the statement cited Barkindo as saying.

The agreement aims to “establish and strengthen cooperation in order to carry out activities and share experiences, views, information and best practices in areas of mutual interest,” according to the statement.

The areas that both sides have agreed to work on, as identified in the agreement, include energy market monitoring, analysis, modelling and forecasting, besides other fields, added the statement.

Source: Kuwait News Agency