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OPEC Says Skeptics Were Wrong as Balanced Oil Market Is in Sight

  • OECD inventory surplus has been cut in half since January
  • Recent data suggest a ‘brighter outlook’ for the oil industry

OPEC and Russia have defied the skeptics and their production cuts have eliminated half the oil-inventory surplus, meaning the rebalancing of the market is accelerating, said Secretary-General Mohammad Barkindo.

“A balanced oil market is now fully in sight,” Barkindo said at the Oil & Money conference in London on Thursday. “Stability is steadily returning and there is far more light at the end of the dark tunnel we have been traveling down for the past three years.”