Austria: Charter for super-OPEC group to be finalised by end of the year

Austria: Charter aims to guarantee OPEC's standing in rising oil tensions Minister of Energy and Industry of UAE and President of the OPEC Conference Suhail M. Al Mazroue detailed the specifics of a charter that would help establish an accord with major oil producers such as Saudi Arabia and Russia as the Organisation of Petroleum Exporting Countries (OPEC) 7th International Seminar concluded in... Еще Vienna on Friday. «It's a charter that is going to target the market stability, avoiding fluctuations, avoiding spikes that hurt producers and hurt also the industry,» said Al Mazroue speaking of the yet-unnamed charter which is speculated to be approved by the end of 2018. Secretary General of OPEC Mohammad S. Barkindo on his part praised Al Mazroue and marked the conference as a «landmark» gathering which had endeavoured to steer clear of the impact of rising geo-political tensions and instead focus on the fundamentals of oil economics. OPEC's 7th International Seminar was held in Vienna on June 20-21, holding presentations from government officials, industry executives, and financial firms seeking to promote dialogue and cooperation within the industry.

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