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Oil market rebalancing at accelerating pace – OPEC’s Barkindo

Oil&Gas Materials 15 November 2017 09:51 (UTC +04:00)
There are clear indications that the oil market is rebalancing at an accelerating pace and stability is steadily returning.
Oil market rebalancing at accelerating pace – OPEC’s Barkindo

Baku, Azerbaijan, Nov.14

By Leman Zeynalova – Trend:

There are clear indications that the oil market is rebalancing at an accelerating pace and stability is steadily returning, said OPEC Secretary General Mohammad Sanusi Barkindo at the opening ceremony of the 2017 Abu Dhabi International Petroleum Exhibition and Conference.

“Today, the oil industry, and indeed the global economy, are clearly benefiting from the noble efforts of this unprecedented joint decision of the 24 OPEC and non-OPEC participating producers of the Declaration of Cooperation,” he said.

Barkindo noted that based on the cartel’s latest OPEC Monthly Oil Market Report, the global economic growth dynamic has continued its momentum with the forecast for 2017 revised up to 3.7 percent, and the economic outlook is positive into 2018, expected to remain at 3.7 percent.

“Global demand growth for oil is higher and robust, and is expected to remain above 1.5 million barrels per day for both 2017 and 2018, higher than in the previous assessment,” he added. “I am certain that if we had not mobilized ourselves when we did, building consensus and jointly taking action in responding to the crisis, the industry would be in a different condition than it is today.”

Barkindo pointed out that a new chapter is being authored in the history of the industry by OPEC and its non-OPEC partners, who continue to demonstrate the power of cooperation and dialogue to restore stability and growth in the global oil market.

On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.

The reductions will be on the same terms as those agreed in November.

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