OPEC Secretary-General Mohamed Barkindo
Arab and international
Economy News Baghdad:
OPEC's secretary-general Mohamed Barkindo said on Sunday that the oil market balance was moving slower than expected but would accelerate in the second half of the year.
"We are sure that the process of restoring balance may go at a slower pace than expected but it is moving forward, which is expected to accelerate in the second half," Barkindo told reporters in the Russian city of St Petersburg.
Barkindo pointed to the strong growth in demand for oil and the commitment to the global agreement between OPEC and outside countries to reduce production in addition to the decline in stocks in the United States as reasons for the expected acceleration in restoring the balance of the market.