Experts say it may have impacted floating storage, but otherwise the Organization of the Petroleum Exporting Countries' (OPEC) attempt at reducing global stockpiles is so far a bust - so the cartel on Thursday said it is working to ensure that the impending decision to extend the cutbacks will reach consensus.
Speaking at a conference in Paris, Mohammad Barkindo, secretary-general for OPEC, insisted the oil market is moving closer to being balanced due to the cutbacks, and "While it is evident that the market rebalancing is now moving forward and investment specifically in short-cycle projects is returning, it is essential we do not take our eyes off our desired goals." Barkindo added that "We need to see the global stock overhang move closer to its five-year average," and he went on to remark that Khalid al-Falih, energy minister for Saudi Arabia, is working to influence the outcome of the OPEC meeting in Vienna next month.
He said, "We are confident that the collaborative effort of minister Khalid al-Falih and other ministers ...
shale, and the market will move further away from rebalance: "They're stuck between a rock and a hard place." Earlier this week, many analysts, including the Abu Dhabi Investment Authority, warned that crude will probably drop to $40 per barrel unless OPEC and its allies maintain course beyond the June expiry date.
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