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Opec chief: Stability returning to oil market
Mohammad Barkindo delivers his keynote speech during the Abu Dhabi International Petroleum Exhibtion and Conference on Monday.
abu dhabi - Market is rebalancing at an accelerating pace, says Mohammad Barkindo
"There are clear indications that the market is rebalancing at an accelerating pace and stability is steadily returning," he said at Adipec on Monday.
"There were many in the industry who were sceptical about the Opec's ability to rise to the challenge. Today, we are confident that the oil industry and the global economy have benefitted from the noble efforts of this unprecedented joint decision of Opec and non-Opec countries," he said referring to the crude output cut decision.
"I am certain that if we had not done what we did last year and not mobilised ourselves when we did, building consensus and jointly taking action in responding to the crisis, the industry would probably be in a different condition today."
He exuded confidence looking to the next year. "Oil stockpiles since the beginning of this year have dropped by more than 180 million barrels. The economic outlook is positive into 2018 and global demand for oil is higher and robust," Barkindo added.
- ashwani@khaleejtimes.com
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