Tag Archives: Mohammed Barkindo

OPEC will review policy for the second half of this year at a May 25 meeting.

The focus is now to re balance the market.

Analysts and experts are now mostly predicting that oil prices will remain below $60 this year.

There are concerns that the glut could persist because shale supply.

Many of the questions revolved around the fact that there is so much inventory remaining.

The oil market needed every barrel which cut-exempt Iran. Libya and Nigeria could produce.

OPEC is determined to reduce its production to help manage the market.

An increase in oil prices to more than $55 (£44) per barrel was not in the interest of OPEC.

Barkindo expects global inventories to fall. which would boost prices.

In November 2016. OPEC agreed to cut oil production by 1.2 million barrels per day to 32.5 million bpd.