OPEC Secretary General Mohammad Barkindo said the group is looking at options to institutionalize OPEC and non-OPEC cooperation framework for continuity.
Speaking at the 7th OPEC International Seminar in Vienna, the secretary general said the group’s output deal with other major non-member producers has "exceeded most optimistic of expectations."
Noting the accomplishment of bringing together 24 oil producers, Barkindo added that the "platform is still open to other oil producers," Argaam reported.
Barkindo said that the output deal has helped return global oil market to rebalance, adding that industry investment has also gradually started to pick-up.
Energy minister of the United Arab Emirates Suhail Al Mazrouei, in turn, said that the format is planned to be approved before the end of this year.