OPEC Head Says Oil Cuts ‘Only Viable Option’ to Stabilize Market - Bloomberg

OPEC Head Says Oil Cuts ‘Only Viable Option’ to Stabilize Market - Bloomberg:

"The oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability, OPEC Secretary-General Mohammad Barkindo said.   

Global curbs on output have helped trim crude inventories from record levels, United Arab Emirates Energy Minister Suhail Al Mazrouei said in a speech at a conference in Abu Dhabi. Neighboring Oman backs an extension in the cuts accord that expires in March and sees producers prolonging their limits until the end of 2018, Oil Minister Mohammed Hamad Al Rumhy told reporters.

The Organization of Petroleum Exporting Countries, in its monthly market report on Monday, will raise its estimate of oil demand growth to “above 1.5 million barrels a day” for both 2017 and next year, Barkindo said at the same conference. Stockpiles have declined by more than 180 million barrels this year alone, he said."



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