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Opec officials celebrate better market ahead of key meeting

Friday, May 29, 2015 - 23:25

[VIENNA] Opec is gearing up for a meeting next week amid rising global demand and a reduction in supply, which are both helping to support prices, two Opec officials said after pre-meeting talks.

A calmer mood among delegates compared with the last Opec meeting in November 2014 means it is likely to keep its production policies unchanged despite a persisting global oil glut.

In November last year, Opec decided not to cut output to defend market share to offset rising non-Opec production, including in the United States.

"The demand is getting better and there is a slight reduction in the supply. Prices are improving," one of the officials told Reuters after governors and experts discussions in Vienna on Friday, known as the economic commission board, which typically precedes the main meeting.

"The market has adjusted itself since the last meeting,"said another official. The Opec meeting is scheduled for June 5.

REUTERS