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OPEC sees oil rebalancing under way, further inventory declines

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OPEC sees oil rebalancing under way, further inventory declines

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OXFORD, England (Reuters) – The OPEC-led supply cut deal is helping to rebalance the global oil market, OPEC Secretary-General Mohammad Barkindo said on Monday, and higher demand in the rest of this year should lead to further reductions in oil inventories. “It is clear the rebalancing process is under way, supported by the high conformity levels of OPEC member countries and participating non OPEC countries,” he said.

(Reporting by Alex Lawler; Editing by Alison Williams)
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