First Published: 2017-10-19

OPEC chief pleased with oil market rebalancing
Barkindo hints at renewal of output-cutting deal between Saudi-led OPEC, other producer nations in light of accelerating pace of rebalancing in world oil market.
Middle East Online

"There is far more light at the end of the tunnel," says OPEC boss

LONDON - OPEC secretary general Mohammed Barkindo welcomed Thursday the rebalancing of the world oil market, hinting the cartel would likely renew its output-cutting deal next month.

Barkindo made the comments at the annual Oil & Money conference in London, before the latest production meeting of the 14-nation Organization of the Petroleum Exporting Countries (OPEC) in early November.

"There is no doubt that the market is rebalancing at an accelerating pace -- and there is far more light at the end of the tunnel," Barkindo told journalists on the sidelines of the industry event in the British capital.

The OPEC boss highlighted recent upward global demand revisions from various organisations including the Paris-based International Energy Agency watchdog.

He also spoke after Russian President Vladimir Putin declared in October it was possible to extend the OPEC deal "at least until the end of 2018", during Saudi Arabian King Salman's visit to Moscow.

"Putin gave a very pointed answer. We took it seriously -- it was the president talking," said Barkindo on Thursday.

He added that Saudi Energy Minister Khaled al-Faleh and Russian counterpart Alexander Novak would "take their cue" from Putin's comments in upcoming discussions with other oil producers.

Late last year, the Saudi-led OPEC cartel joined with Russia and other producer nations in cutting crude output in a pact that has helped prop up prices.

The deal, which was subsequently extended through March 2018, has helped guide oil prices back above $50 per barrel.

OPEC will convene again on November 7 for the next scheduled gathering at its Vienna headquarters, where any deal extension will be decided upon.

"At the moment consultations are ongoing for the agenda for November, led by Saudi Arabia and Russia," added Barkindo.

"Khaled al-Faleh is touring member countries and Alexander Novak the others. It would not be appropriate to comment."

He noted that OPEC nations had increased their level of compliance with production targets in September from August, according to preliminary data.

Russia and Saudi Arabia are two of the world's two biggest energy exporters.

 

Trump, Macron call for 'new' nuclear deal with Iran

Saudi Arabia claims killing of Yemen rebel leader

EU to Russia, Iran: Bring Syria to peace talks

Iraq's Shiites split ahead of crucial vote

Iraq’s ex-football stars from sports to politics

Syria's Idlib 'big new challenge' for international community

UNRWA chief says Palestinian aid $200 million short since Trump cuts

Bad memories resurface at Raqa’s mass grave

Turkey newspaper chief slams journalist terror trial

Setback for Yemen rebels after strike takes out leader

Saudi issues Islamic sukuk sale to finance deficit

Yarmuk, an epicentre of Syria's bloody conflict

Egypt’s Eurobond succeeds but risks remain

Egypt former anti-corruption chief gets five years jail

Philippines apologises to Kuwait over 'maid rescues'

Iran urges EU not to pay Trump ‘ransom’ over nuclear deal

UAE to finance project to rebuild Mosul's Grand al-Nuri Mosque

EU, UN begin major conference for Syria aid

New tensions rise between old rivals Turkey and Greece

Rouhani warns Trump against betraying nuclear deal

10 killed in Toronto “deliberate” van attack

Nine people killed in Toronto van attack

Yemen Huthi political leader killed in coalition raid

Syria security chief refuses Lebanon court appearance

Air raid kills dozens at Yemen wedding

Algeria draws Europe’s ire by cutting imports, boosting trade with China

Russia says no decision yet on delivery of S-300 missiles to Syria

French MPs adopt controversial immigration bill

Qatar Airways ‘robust’ despite large losses

IS threatens to attack Iraqi polling station

Jordan sounds the alarm over rising online crimes

Yemen forces clash with jihadists in Taez

Paris attacks suspect gets 20 years over Brussels shootout

Jailed Egyptian photographer wins UN press freedom prize

14 Saddam-era officials still jailed in Iraq

Gaza death toll rises to 40 as Palestinian dies of wounds

HRW says African migrants face rape, torture in Yemen

Four British pilgrims killed in Saudi road crash

HRW warns Egypt fight against IS threatens humanitarian crisis

Iran, Israel trade blame for surge in hostilities over Syria

Iran vows to resume enrichment if US quits nuclear deal

UAE accuses Qatari jets of ‘chasing’ passenger flight

Israel rubbishes claims Mossad behind Malaysia assassination

Syrian refugees are not going home anytime soon

Resumption of direct flights from Moscow brings hope to Egypt’s tourism sector