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.