Google+ Followers

Monday, 3 April 2017

OPEC's Barkindo Sees Progress in Oil Cuts as Stockpiles Drop - Bloomberg

OPEC's Barkindo Sees Progress in Oil Cuts as Stockpiles Drop - Bloomberg:

"Crude stockpiles are starting to decline in a sign that the production cuts implemented this year are bringing the market to balance, according to OPEC’s Secretary-General Mohammad Barkindo. “I remain cautiously optimistic that the market is already rebalancing," Barkindo told reporters Sunday in Baghdad. “We have started seeing stock levels coming down.” Record inventories accumulated since 2014 have been a drag on crude prices even as OPEC and some non-member producers curbed output. Slow progress in bringing down those stockpiles is one reason six members of the Organization of Petroleum Exporting Countries and Oman back extending production cuts beyond June, with Saudi Arabia and Kuwait saying oil stockpiles need to fall to the five-year average."



'via Blog this'