OPEC’s Barkindo says oil market is rebalancing at accelerated pace

OPEC secretary general out on the wires 13 Nov

  • global cuts only viable option to restore stability
  • oil demand growth to stay above 1.5m bpd in 2017/18
  • global stock levels visibly down
  • global oil demand is robust

Oman oil minister:

  • confident that output cuts deal will be extended
  • sees cuts extended until end-2018

UAE oil min:

  • next year we will have less volatility
  • hopes that commitment of 24 oil output pact continues

Ntg that the oil markets doesn’t already know and oil prices failing to react on the comments as yet.OPEC’s Barkindo — Upbeat on oil rebalancing Article Source

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