Oil producers moving closer to rebalancing market: Opec chief
Abu Dhabi
OIL-PRODUCING nations are moving closer towards ending a global glut and rebalancing the crude market, and Opec will decide next month whether to extend its cuts in output beyond June, the group's secretary-general Mohammad Barkindo said.
The Organization of Petroleum Exporting Countries and other major producers are committed to reducing oil stockpiles, and all countries participating in a six-month deal to pare output are committed to restoring the market's stability, Mr Barkindo said at a conference in Abu Dhabi. Opec will decide at its meeting on May 25 whether to …
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