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Experts Say: 2017-04-20
Oil producers seek stability
OPEC Secretary General Mohammad Barkindo said that all oil producers, participating in an output curb agreement, plan to bring the global inventories down to the five-year's average level and restore stability on the market, the Reuters reports.
Speaking in the United Arab Emirates, Barkindo said that the data received in March indicates stronger commitment to the agreement's conditions compared to the previous month. Secretary General said nothing about extending the agreement for another half a year, but he added that any decision would be in the interest of all OPEC countries and consumers.
Earlier, Iranian Oil Minister Bijan Zanganeh said that most world's oil producers support the idea of extending the output cut deal by the OPEC+ countries.
In mid 2014, the oil market became oversupplies, resulting in a sharp decline in oil prices. In November last year the major oil producers agreed to cut output in order to reduce the global supplies.
The recent OPEC monthly report revealed that the oil output shrank to 31.96 barrels per day which is less by 140 thousand barrels than in January. The decline was registered thanks to the OPEC's full compliance with the agreement which aims to boost a rise in oil prices.
At the next OPEC meeting that will be held in Vienna this May oil producers are going to discuss the possibility of extending the output curb deal.
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