Global oil stocks have already started falling, but they need to drop by another 270 million barrels so that OPEC can say that the oil market is coming to balance, OPEC Secretary General Mohammed Barkindo told Reuters on the sidelines of the World Economic Forum in Davos. OPEC’s main goal is to speed up the inventory drawdown, and it will continue to focus on bringing the level of drawdown near a five-year industry average, the organization’s chief said. “Stocks have already come down to below 3 billion barrels in OECD commercial stocks. The delta now is around 270 million,” Barkindo told Reuters. OPEC’s latest Monthly Oil Market Report published on Wednesday said that total OECD commercial stocks fell in November 2016 to stand at 2.993 billion barrels, some 271 million barrels above the latest five-year average. The drop in oversupply would help create an “equilibrium oil price”, according to […]