OPEC wants further drop in oil stocks, is working for consensus

28 Apr 2017   OPEC

OPEC wants oil inventories to decline further and is working to ensure a policy-setting meeting in May reaches consensus, the group’s secretary-general said on Thursday in comments pointing to an extension of a global supply cut. The Organization of the Petroleum Exporting Countries, Russia and other producers originally agreed to curb production by 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market. Oil prices have gained support from the pact but a supply glut has been slow to shift, limiting their increase. As a result, OPEC members including top exporter Saudi Arabia have signaled support for extending the deal at a May 25 meeting. OPEC Secretary-General Mohammad Barkindo, speaking […]

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