Mohammad Barkindo: OPEC focus on averting new oil glut

OPEC and its allies do not rule out taking further action at their next meeting in April should oil inventories build up in the first quarter, OPEC’s secretary general said, Financial Tribune reported citing Reuters.

Worried by a drop in oil prices and rising supplies, OPEC and non-OPEC countries such as Russia agreed in December to return to production cuts in 2019. 

The producers meet on April 17-18 to review the pact. 

OPEC Secretary General Mohammad Barkindo, in comments to Reuters, did not rule out more action if industrialized nation stocks continued to rise above the five-year average. 

“We remain focused on the supply-demand balance,” Barkindo told Reuters TV at the World Economic Forum in Davos. “Our challenge is to maintain supply-demand balance.”