WASHINGTON, September 20, 2017 - The Organization of the Petroleum Exporting Countries (OPEC) celebrated its 57th birthday on Sept. 14. On that date in 1960, the five founding members – Iraq, Iran, Kuwait, Saudi Arabia and Venezuela – created the organization at the so-called Baghdad Conference. Mohammad Sanusi Barkindo, OPEC secretary general, reflected on the organization’s current challenges in a dinner address at the Oxford Energy Seminar at Oxford University last week. He praised the outcome of recently announced fuel production caps. “It is clear that the rebalancing process is underway, supported by the high conformity levels of OPEC member countries and participating non-OPEC countries” to what he called the “landmark Declaration of Cooperation.” Destocking, both onshore and offshore, “is clearly evident,” Barkindo said. July 2017 data shows commercial oil inventories down 145 million barrels from production levels seen at the beginning of 2017.

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