OPEC Says It's Alert to Bearish Economy, Will Balance Market - Bloomberg

OPEC Says It's Alert to Bearish Economy, Will Balance Market - Bloomberg:

OPEC and its partners will take the current “economic bearishness” into account when they meet in coming weeks, and are committed to keeping oil markets balanced this year and beyond, its top official said.

The organization will be “unyielding” in its efforts to reduce oil inventories back to normal levels and revive investment in the industry, taking an approach that is “agile” and “flexible,” OPEC Secretary-General Mohammad Barkindo said in remarks delivered via video link at a conference hosted by RBC Capital Markets in New York.

“There has also been a significant change in market sentiment, in both equity and financial markets” that has worsened many institutions’ outlook for oil demand growth, Barkindo said. “This will all play into our calculations in the upcoming ministerial meetings.”