OPEC secretary general Barkindo out with a statement 10 Oct
- 2018 demand growth staying around 1.4mln bpd
- stocks overhang to 5year average stood at 171mln barrels in Aug vs 338mln at start of year, dominated by crude
- new members shall join output cuts
- we urge our friends in the shale basins of NA to take this shared responsibility
- we are witnessing a fast return to normalcy, balanced oil market
- Saudi oil output cut in November is unprecedented and welcome
- by 2040 oil and other fossil fuel will form 70% of global energy basket
- world oil demand is increasingly moving to India
- growth in India is attracting several OPEC members
Upbeat comments from Barkindo leaves oil price unfazed but seemingly underpinned again for the moment after recent falls. WTI $49.88 Brent $55.77
