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Global crude oil market rebalancing in Q2-Q3 of 2018 - Mr Barkindo

Gasoil News - Published on Mon, 16 Apr 2018

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Reuters cited OPEC Secretary-General Mr Mohammad Barkindo as saying that he sees the global oil market rebalancing in the second to third quarters of 2018, earlier than a previous forecast of the year-end. Speaking in an interview with Reuters in New Delhi, he also said there was growing confidence that oil producers would extend their cooperation pact beyond 2018.

Mr Barkindo said that Russia will continue to play a key role in future market rebalancing pacts. He said that "There is growing confidence that the declaration of cooperation will be extended beyond 2018. Russia will continue to play a leading role."

He said that the initial draft of a longer-term alliance between the Organization of the Petroleum Exporting Countries and non-OPEC oil producers would be discussed at their June meeting.

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Posted By : Nanda Koijam on Mon, 16 Apr 2018
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