“We think the pace of market balancing may be slowing down to our expectations, but the recovery continues”, said Mohammed Barkindo, adding that the pace of global oil stock cuts could be accelerated in the second half of the year. “In the US, for example, in three out of five regions, the level of commercial stocks has almost reached the average five-year low”, added he.
Oil prices keep at weekly low level before the meeting of the countries of the Organization of Petroleum Exporting Countries (OPEC) and other non-OPEC members. Later today, during talks in St Petersburg, it is expected to discuss the possible inclusion of Libya and Nigeria into the obligations for oil yields reduction. Both countries are members of OPEC, but were excluded from the agreement.
Russia’s Energy Minister Alexander Novak said that Libya and Nigeria should set a limit on their yield when their output stabilizes.