empty
 
 

2017.01.1209:32:00UTC+00Global Oil Inventories Likely to fall by Q2 2017, says Opec Secretary-General mohammed Barkindo

OPEC Secretary-General Mohammed Barkindo, speaking to reporters on the sidelines of a conference said that OPEC expects to see global oil inventories fall by the second quarter of this year in response to producers' agreement to cut output.

Barkindo said OPEC had no specific oil price objective in mind, but wanted a price that would sustain investment in the oil industry. He expressed confidence that producers were committed to the deal between OPEC and non-OPEC states. He acknowledged that there has been encouraging signs of commitment from many countries with regard to implementation of production cuts.

Sounding optimistic on compliance of the OPEC oil output cut deal, Barkindo said that he had no reason to doubt Iraq will fully implement cuts. Iraq's Oil Minister Jabar Ali al-Luaibi has announced oil output cut of 160K bpd under OPEC production cut deal.

Analysts however, remain skeptical about the implementation of OPEC deal. There is still doubt among many market watchers over whether the planned cuts will be enough to rebalance a market that has been oversupplied for the past two years.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback