OPEC's Pushing for Full Compliance With Oil Cuts, Barkindo Says
- Compliance with output deal ‘very encouraging’ last month
- Oil inventories remain very high and are weighing on prices
OPEC's Barkindo Demands 100% Compliance on Output Cuts
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Implementation of an agreement between OPEC and other major producers to reduce output has been “very encouraging” and the agreement is on track to reduce the global oil surplus, said the group’s top official.
“We are going to go for much higher levels of compliance because of the very high level of stocks that we have brought over with us from 2016,” Mohammad Barkindo, secretary-general of the Organization of Petroleum Exporting Countries, said in a Bloomberg television interview in London. “Anything less than 100 percent is not satisfactory” and OPEC expects to achieve that level “in due course.”