OPEC’s Barkindo says balanced oil market is in sight

Date:

LONDON  – Efforts by global oil producers to curb production are helping to speed up the balancing of the crude market, OPEC’s secretary-general said on Thursday.

Thank you for reading this post, don't forget to subscribe!

“There is no doubt that this market is rebalancing at an accelerating pace,” Mohammad Barkindo said in a speech at the Oil & Money conference in London.

“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.”

Oil prices have fallen by 50 percent since mid-2014, prompting energy companies to cut back on exploration and producers to curb production.

Producers from OPEC as well as a group of non-OPEC countries led by Russia have agreed to reduce output by 1.8 million barrels per day until March 2018.

That pact is aimed at supporting prices and reducing oil stock levels in OECD industrialized countries to their five-year average.

Stock levels in September were about 160 million barrels above that average, Barkindo said, which is down from 340 million in January.

Reporting by Alex Lawler; writing by Jason Neely(Reuters)

Naija247news
Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Share post:

Subscribe

Popular

More like this
Related

Access Holdings to pay N1.80 as final dividend to shareholder

March 28, 2024. Azonuchechi Chukwu. Access Holdings has revealed plans to...

Police gun down two notorious bandits in Benue

March 28, 2024. Azonuchechi Chukwu. Men of Operation Zenda, a Joint...

Army declares eight wanted in connection with the k!lling of its officers in Okuama

March 28, 2024. Azonuchechi Chukwu. The Nigerian Army has declared eight...

Naira Appreciates Against Dollar at the NAFEM Window

March 28, 2024. Azonuchechi Chukwu. The Naira’s euphoric appreciation against the...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading