Organization of the Petroleum Exporting Countries and its allies
led by Russia meet in December to review output policy. The
so-called OPEC+ alliance has since January implemented a deal to
cut oil output by 1.2 million barrels per day to support the
market. The pact runs to March 2020.
"Based on the preliminary numbers, 2020 looks like it will have
upside potential," Barkindo told a briefing.
Asked whether he was more optimistic about the market than he
had been in October, when he had said all options were open
including a deeper cut, Barkindo replied that the picture had
"There are definitely brighter spots. The outlook as we get
closer to 2020 ... The numbers are looking more refined and the
picture is looking brighter," he said.
On whether the market looked oversupplied for next year,
Barkindo said: "We are not there yet. It is not possible for us
at the moment to pre-empt all processes" of reviewing the market
before the December meeting.
Barkindo also said Brazil would be welcome to join the oil
producer group but the country had not yet made an official
request to do so.
"They would be most welcome to join," Barkindo told reporters,
adding that consultations had taken place in Riyadh.
Brazilian President Jair Bolsonaro said last month that he wants
his country to join OPEC, a move that would add the most
significant new producer to the oil cartel for years but met
with scepticism in Brazil's energy industry.
Earlier on Tuesday OPEC released its 2019 World Oil Outlook, in
which the producer group said it would supply a diminishing
amount of oil in the next five years as output of U.S. shale and
other rival sources expanded.
(Reporting by Alex Lawler; Writing by Dale Hudson)
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