Opec pact likely to evolve rather than end

London

"THE lexicon of exit is not found in our vocabulary," Opec secretary-general Mohammad Barkindo told reporters on the sidelines of a conference in Cairo on Monday.

Ministers from the Organization of the Petroleum Exporting Countries have been anxious to counter speculation about an early end to production curbs.

Mr Mohammad was reinforcing the message that the current curbs will be maintained until at least the end of this year and could be continued into 2019.

Opec will review progress towards its goal of eliminating excess global inventories at its next regular meeting in June, but ministers have downplayed suggestions the review could lead to an early exit from the accord.

The Declaration of Cooperation signed in December 2016 between Opec, led by Saudi Arabia, and selected non-Opec producers, led by Russia, has become fundamental to Opec's strategy for managing t…