OPEC Chief Says ‘So Far, So Good’ on Deal to Cut Production
- All 24 countries making tremendous effort on cuts: Barkindo
- Oil prices remain ‘far away’ from their equilibrium level
OPEC's Barkindo: 'So Far, So Good' on Production Cut Deal
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Two weeks into OPEC’s first agreement to cut production in almost a decade, its top official’s assessment is “so far, so good.”
All 24 producers that agreed last month to reduce output are making “tremendous efforts” to do as they pledged, Mohammad Barkindo, secretary-general of the Organization of Petroleum Exporting Countries, said in a Bloomberg television interview in Davos, Switzerland. Still, at $55 a barrel crude remains “far away from the equilibrium price.”