Barkindo: It is clear that the oil market rebalancing process is underway

12 Sep 2017 01:19 PM

Mohamed Barkindo, Secretary General of OPEC, made the following statement:

  • The cut-off deal helps to rebalance world oil markets.
  • The process of rebalancing markets is underway and supported by commitment levels from OPEC member countries and non-members participating in the deal.
  • Lower supply will help demand rise by nearly 2m barrels per day during the second half of the year.
  • Rising demand for oil in the second half of the year will contribute to further decline in oil stocks.
  • The ministers are currently discussing the extension of the cut-off agreement for at least another three months after March before the OPEC meeting in November.

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