Producers in, out of OPEC must act jointly on glut: Barkindo OPEC leader doesn’t want to sound like ‘prophet of doom’ OPEC’s chief warned of prolonged instability in the oil market if the producer group and other major crude suppliers fail to act jointly to limit output and curb a global glut. An inability of the Organization of Petroleum Exporting Countries to implement the deal it reached in Algiers in September will have “negative consequences on the already fragile state of the industry,” OPEC Secretary-General Mohammed Barkindo said Tuesday at a briefing in Abu Dhabi. Markets are “eagerly awaiting” combined action by OPEC and non-OPEC producers, he said. Mohammed Barkindo Photographer: Kerem Uzel/Bloomberg “Failure to jointly act with our non-OPEC colleagues and friends in accordance with the Algiers accord will further elongate this period of very low growth, this period of instability in the market, and will put forward, […]