OPEC: The oil market is regaining its balance at a rapid pace[/rtl]
[rtl]Date of release: 2017/10/9 17:31 • 331 times read[/rtl]
(Reuters) - The oil market is regaining its balance at a rapid pace and has nearly completely wiped out the supply of refined products as the Organization sticks to its supply agreement, OPEC Secretary General Mohamed Barkindo said on Monday.
"Rocky oil production in the United States has slowed down compared with the first half of 2017 and estimates of global demand growth may be further revised by supply reduction efforts," Barkindo said.
OPEC, Russia and other producers are cutting oil production by about 1.8 million barrels per day (bpd) until next March to get rid of the glut of global supply of crude that is putting pressure on prices.