OPEC: Success in reducing production and commitment of members more than 100% in February[/ltr]
[ltr][rtl]Release date: 2018/4/11 12:40[/rtl] • [rtl]82 times scheduled[/rtl][/ltr]
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The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) said that the level of commitment of member countries to the agreement to restrict supplies exceeded 100 percent in February and expected a higher level of commitment more during March.
Mohamed Barkindo added that the partnership between OPEC and its external producers was a success, noting that the organization's data showed a decrease in market stocks by land and sea.
But said stocks remained above the average of five years and that there was still to be done, stressing that work would continue to monitor and evaluate the market, particularly the impact of rebalancing the market.
He noted that JCOMM would continue its meetings during 2018 in order to further evaluate the data.
He warned that the return of balance to the market was not matched by a parallel increase in investments.
Barkindo said the organization remained optimistic that stocks would fall to an average of five years but would be cautiously optimistic.
He added that the need to look beyond the rebalancing to the market and continued partnership between OPEC and producers from outside.