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OPEC Head Says Oil Cuts ‘Only Viable Option’ to Stabilize Market

  • Crude market re-balancing at a ‘quickening pace’: Barkindo
  • U.A.E.’s Mazrouei sees 2018 as ‘recovery year’ for oil price
Bloomberg business news

OPEC's Barkindo Says Oil Rebalancing Is Finally in Sight

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The oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability, OPEC Secretary-General Mohammad Barkindo said.   

The Organization of Petroleum Exporting Countries should decide at its meeting later this month whether or not to extend the cuts, United Arab Emirates Energy Minister Suhail Al Mazrouei said in a speech at a conference in Abu Dhabi. Neighboring Oman backs prolonging the output limits beyond March and sees producers extending them until the end of 2018, Oil Minister Mohammed Hamad Al Rumhy told reporters.