OPEC Secretary General Mohammed Barkindo

  • Says 'everybody benefited' from OPECc-led output cuts
  • Demand has not been this solid and positive in a long while'
  • Says global oil industry needs to focus more on long-cycle investment
  • Says underinvestment in oil industry is 'sowing the seeds for a possible, god forbid, future energy crisis'
  • Says sees robust demand for oil out through at least 2040
  • Says OPEC/Non-OPEC alliance on production cuts is 'as solid as the rock of Gibraltar'
  • Says OPEC/Non-OPEC alliance is an 'insurance' policy against future price volatility
  • Sees an institutionalization of OPEC/non-OPEC alliance moving forward
  • Says OPEC/Non-OPEC alliance open to 'all producers'

Also, IEA executive director Fatih Birol says doesn't see peak in oil demand 'for many years to come'

There is a big pow wow going on this week (CERA Week conference) re oil,. Oil [price not responding to these latest much at all.