Diplomatic Channel

Barkindo warns of underinvestment in global oil industry

The Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia last year began withholding 1.8 million barrels per day (bpd) of supplies to tighten the market and prop up prices that in 2016 fell to their lowest in more than a decade at less than $30 a barrel. Both Russia and […]

Economic Report

OPEC’s scribe predicts balanced oil market

OPEC Secretary-General Mohammad Barkindo said on Thursday there is no doubt that in the wake of efforts by global oil producers to curb production, the crude market is rebalancing, and doing so at an accelerating pace. “There is no doubt that this market is rebalancing at an accelerating pace,” Barkindo said in a speech at […]

Economic Report

Iran Says OPEC Pact Is Acceptable

LONDON (Reuters) – OPEC’s compliance with an agreement among oil producers to reduce output has been acceptable, Iran’s oil minister said on Monday, adding that some changes were needed if participants seek to balance the market. The Organization of the Petroleum Exporting Countries, Russia and several other producers have cut production by about 1.8 million […]

Economic Report

OPEC sees oil rebalancing under way, further inventory declines

OXFORD, England – An OPEC-led supply cut deal is helping to rebalance the global oil market, OPEC’s secretary-general said on Monday, and higher demand in the rest of this year should lead to further reductions in oil inventories. The Organization of the Petroleum Exporting Countries and other producers, including Russia, are reducing crude output by […]