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.

 

At least 235 killed in Egypt mosque attack

Saudi Crown Prince calls Iran supreme leader 'new Hitler'

Syrian opposition agrees to send united delegation to Geneva talks

Saudi-led coalition clears passenger flights to Sanaa

Baghdad's Shabandar cafe marks century since opening

Turkey says Trump pledged to stop arming Kurds

Turkey president sues main opposition party leader

Lebanon's Hariri brings status quo back with him

Activists say 'everybody knew' about Libya slave trade

Erdogan says no contact 'at the moment' with Assad

Lebanon's Jumblatt criticises Saudi Arabia, Iran

China says it will make efforts on Syria reconstruction

Turkey to detain 79 former teachers in post-coup probe

Hezbollah hails PM's suspension of resignation

Syrian opposition aims for unity at talks in Riyadh

Egypt police kill 3 Islamists in shootout

Turkey unsure if Assad to be part of Syria political transition

Migrant arrivals from Libya down since EU deal

Palestinian factions leave Cairo talks with little progress

Sudan’s Bashir looks to Putin for ‘protection’ from US aggression

China, Djibouti forge 'strategic' ties

IS propaganda channels fall quiet in 'unprecedented' hiatus

Kremlin to create Syria congress despite Turkey ‘reservations’

Netanyahu berates deputy minister for 'offensive' remarks on US Jews

Egypt PM heads to Germany for medical treatment

Egypt destroys 10 SUVs carrying arms on Libya border

Outrage in Iraq over 'child marriage' bill

Iraq launches operation to clear last IS holdouts from desert

Saudi-led coalition to reopen Yemen airport, port to aid

Turkey court rules to keep Amnesty chief in jail

France calls for UN meeting on Libya slave-trading

Egypt detains 29 for allegedly spying for Turkey

WTO panel to hear Qatar’s complaint against UAE blockade

Three dead as diphtheria spreads in Yemen

Lebanon’s Hariri suspends resignation

Israel seizes explosive material at Gaza border

Activists call for release of UK journalist held by IS

Bahrain upholds jail sentence for activist

Iraq attacks at lowest since 2014

Turkey continues crackdown in post-coup probe

Hariri back in Lebanon

Putin to hold Syria peace talks with Erdogan, Rouhani

US carries out air strikes against IS in Libya

Divided Syria opposition meets in Riyadh

Lebanon's Hariri in Egypt ahead of return home