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Mohammed Sanusi Barkindo, OPEC Secretary General, was optimistic about the outlook for the global oil industry in light of cooperation between OPEC and non-OPEC producers over the past year when he addressed delegates today at the ADIPEC conference in Abu Dhabi

GeorgiaThis year's ADIPEC conference will be the second time the event is used by OPEC to roll out an oil outlook report. (Image source: Georgia Lewis)

Mr Barkindo cited the "milestones" achieved in Algiers and Vienna in late 2016 when OPEC and non-OPEC producers met and agreed to take steps to reduce the over-supply and slow down production. He described the landmark Algiers Accord as an "extraordinary decision".

"Twenty producing nations took shared responsibility," he told the conference. "The ability of OPEC to rise to the challenge [and] reach out to our friends in non-OPEC countries [acknowledges] the validity of the global approach as the only viable option to restore stability."

"The oil industry and the global economy has benefited from the joint decisions," Mr Barkindo said. He referred in particular to the reduction of global stockpiles of oil by more than 180mn barrels.

"The economic outlook is positive into 2018 and global demand for oil is higher ... this is a new chapter in the history of our industry."

He concluded his address by vowing to "continue to demonstrate the power of cooperation and dialogue, and stability through cooperation".