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A rebalancing of the oil market is progressing more slowly than expected. but it will speed up in the second half of the year. OPEC`s Secretary General Mohammad Barkindo said on Sunday.
`We are pretty sure that the rebalancing process may be going at a slower pace than earlier projected. but it is on course. It is bound to accelerate in the second half.` Barkindo told reporters in the Russian city of St Petersburg.
Barkindo cited strong oil demand growth. conformity with a global pact by OPEC and non-OPEC countries to cut output as well as an inventory draw in the United States as reasons why a rebalancing of the oil market would speed up.
