OPEC Chief Sees Oil Producers Closer to Re-Balancing Market
- Compliance with supply cuts was more robust in March: Barkindo
- Iran likely to keep output unchanged if cuts extended: Kuwait
OPEC Chief Sees Oil Producers Near to Re-Balancing Market
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Oil-producing nations are moving closer toward ending a global glut and re-balancing the crude market, and OPEC will decide next month whether to extend its cuts in output beyond June, the group’s Secretary-General Mohammad Barkindo said.
The Organization of Petroleum Exporting Countries and other major producers are committed to reducing oil stockpiles, and all countries participating in a six-month deal to pare output are committed to restoring the market’s stability, Barkindo said at a conference in Abu Dhabi. OPEC will decide at a meeting on May 25 whether to prolong the cuts it pledged to make starting in January, he said.