The Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Mohammad Barkindo, said on Wednesday that all oil producers taking part in a supply-cut pact are committed to bringing global inventories down to the industry’s five-year average and restoring stability to the market.
Barkindo, who spoke in United Arab Emirates, said compliance data in March showed better conformity with the agreement by oil producers.
OPEC and non-OPEC producers agreed in December to cut supplies for six months, helping to lift oil prices to about $55 a barrel after a two- year slump.
OPEC will review policy for the second half of this year at a May 25 meeting.
Barkindo would not disclose whether the agreement would be extended for another six months, saying any decision taken would be in the interest of all producing and consuming countries.
NAN