OPEC's Barkindo says to continue to evaluate market conditions before taking action

Author: Justin Low | Category: News

Comments from OPEC's secretary general Barkindo

  • Says OPEC will watch for supply adjustment impact on the market and take appropriate action
  • Beginning to see a pick up of energy investments
  • But investments haven't reached pre-downturn level yet
Earlier, he made comments that OPEC are seeking for long-term cooperation with non-OPEC members and he says that six oil producing countries that aren't participating in the current output cuts are showing support for OPEC.

Barkindo declined to name those six countries though.

Oil has been taking a beating today with WTI down by almost 1% currently trading at $64.64. This comes after it failed to take out the year's highs as pointed out earlier in the week here.

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