|
The Organization of the Petroleum Exporting Countries and other
producers led by Russia last year began withholding 1.8 million
barrels per day (bpd) of supplies to tighten the oil market and
prop up prices that in 2016 fell to their lowest in more than a
decade.
Both Russia and OPEC leader Saudi Arabia have spoken about the
need for a gradual increase in oil production as the goal of
removing excessive oil stockpiles has now been achieved and the
market has been broadly balanced.
"The world will attain the 100 million barrels a day mark of
consumption later this year, much sooner than we all earlier
projected. Therefore stabilizing forces which create conditions
conducive to attracting investments are essential," Barkindo
told an oil and power conference in South Africa's Cape Town.
He added that oil industry confidence was beginning to return
and that OPEC was exploring ways of further institutionalizing a
declaration of cooperation on oil output between OPEC and
non-OPEC oil producers.
"Going forward, the priority ... is on ensuring stability is
sustainable, spreading confidence in the industry and
encouraging an environment conducive to the return of
investments," he added.
(Writing by Alexander Winning; editing by Jason Neely and Louise
Heavens)
[© 2018 Thomson Reuters. All rights
reserved.] Copyright 2018 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
 |
