Although the oil market has been improving, OPEC still has work to do to bring global oil inventories back to their five-year average—the metric that OPEC has vowed to achieve with the production cut deal, OPEC Secretary General Mohammad Barkindo said on Monday while on a visit to Azerbaijan. “The worst is probably over for now. We are beginning to see light at the end of the tunnel but we still have some work to do because we still have inventories that are higher than the 5-year average,” Barkindo said at a press briefing in Azerbaijan’s capital of Baku, as carried by Reuters. Barkindo’s words signal that OPEC is committed to totally erasing the glut, even if it has mostly achieved this part of its mission. Last month, the Energy Minister of OPEC’s leading producer Saudi Arabia, Khalid al-Falih, said that “If we have to err on over-balancing the […]