Opec chief says oil rebalancing to gain momentum

Opec chief says oil rebalancing to gain momentum

The oil market will need more crude from Libya and Nigeria as it re-balances, the Opec secretary general Mohammad Barkindo said, The National reports.

Compliance with production cuts by members of Opec is “excellent,” Mr Barkindo said in St Petersburg, Russia. Libya and Nigeria are exempt from the cuts and have been boosting production, leading to speculation about whether Opec will seek to cap their output to help reduce a global glut.

A rebalancing of the oil market is progressing more slowly than expected, but it will speed up in the second half of the year, Mr 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," he said.

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