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 prolong the cuts it began making in January, he said.