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OPEC, Gas Exporting Countries Forum sign deal to boost cooperation

Published: Updated:

The Organization of the Petroleum Exporting Countries (OPEC) and the Gas Exporting Countries Forum (GECF) signed a Memorandum of Understanding (MoU) on Thursday as the two organizations look to strengthen cooperation in research and best practices.

Secretary general of OPEC Mohammad Barkindo and Yury Sentyurin, the secretary general of GECF, signed the agreement on the sidelines of the Russian Energy Week event in Moscow.

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

OPEC said that the purpose of the MoU is to establish and strengthen cooperation between the two organizations “in order to carry out activities and share experiences, views, information and best practices in areas of mutual interest.”

Specific areas identified included energy market monitoring, analysis and forecasting; energy research studies, data and statistical analysis; and sustainability initiatives, along with environmental and social responsibility.

“It is the mainstream consensus that oil and gas together will continue to be the fuel of choice for the foreseeable future. In fact, most projections validate that oil and gas will continue to dominate energy basket,” Barkindo added.