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"It
is vital the market addresses the issue of the stock overhang.
As you can see from previous cycles, once this overhang starts
falling then prices start to rise," he told a conference in
London.
"Given how this developed, it should be viewed as something OPEC
and non-OPEC tackle together. Yes, OPEC provided some of the
additional supply last year, but the majority of this has come
from non-OPEC countries."
He said it was crucial that all major producers sit down to come
up with a solution as the market needs to see inventories come
down to levels that allow prices to recover and investments to
return.
"The current environment is putting this future at risk. At
current price levels, it is clear that not all of the necessary
future investment is viable," he said.
(Reporting by Alex Lawler; Editing by Dale Hudson)
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