OPEC Urges Oil Producers to Prevent Return of a Surplus This Year
- Group sees demand growth slowing, rival supplies increasing
- Producers responsible for preventing return of imbalance: OPEC
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OPEC’s secretariat urged oil producers to keep going with efforts to prevent a surplus this year, as supplies from their rivals increase faster than world demand.
Key OPEC members and their allies will meet this weekend in Baku, Azerbaijan, to review output curbs they’ve been implementing to avert a supply glut and defend oil prices. Their agreement is due to expire at the middle of the year. In its monthly report, OPEC’s Vienna-based secretariat encouraged them to continue the strategy.