Acknowledging the market’s recent volatility, Barkindo noted that in addition to reducing oil stockpiles to near five-year average levels, a key aim of the deal was to reduce the amount of pricing instability.

“The level of volatility in the market has been of concern not only to us in OPEC but also to the non-OPEC as well as the consuming countries … I think going forward we are on course – along the way, you may have some bumps here and there as a result of other factors that may not necessarily be related to the fundamentals – but in general we are on course to achieving our objectives,” he stated, before adding that this would not deter signatories from persisting with the agreement.

“It (the volatility) is largely I understand due to some automated trading models and some expectations on what we should do or should not do but we will not be disrupted because we firmly believe that the extension of the declaration of cooperation to the first quarter of next year is in the best interest of all producers and consumers and you can see that the fundamentals are gradually but steadily improving,” the secretary general declared.