OPEC Sec Gen says it is clear the oil market rebalancing process is underway
A little more on oil, this time comments reported from OPEC Secretary-General Mohammad Barkindo
- Says OECD commercial oil stocks were 195 million barrels above 5 year average in July, down from 340 million barrels above 5 year avg at start of 2017
- Says oil in floating storage has been on declining trend since June
- Says higher oil demand in second half of year will contribute to further falls in oil stocks
"It is clear the rebalancing process is under way, supported by the high conformity levels of OPEC member countries and participating non OPEC countries"
His Barkindo is worse than his Biteindo