Oil market rebalancing to speed up in second half: OPEC's Barkindo
Reuters
Published Jul 23, 2017 06:38AM ET
Oil market rebalancing to speed up in second half: OPEC's Barkindo
ST PETERSBURG, Russia (Reuters) - A rebalancing of the oil market is progressing more slowly than expected, but it will speed up in the second half of the year, OPEC's Secretary General Mohammad Barkindo said on Sunday.
"We are pretty sure that the rebalancing process may be going at a slower pace than earlier projected, but it is on course. It is bound to accelerate in the second half," Barkindo told reporters in the Russian city of St Petersburg.
Barkindo cited strong oil demand growth, conformity with a global pact by OPEC and non-OPEC countries to cut output as well as an inventory draw in the United States as reasons why a rebalancing of the oil market would speed up.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.