OPEC: oil producers close to re-balancing market

OPEC: oil producers close to re-balancing market

Oil-producing nations are moving closer toward ending a global glut and re-balancing the crude market, OPEC Secretary-General Mohammad Barkindo said at a conference in Abu Dhabi.

The OPEC and other major producers are committed to reducing oil stockpiles, and all countries participating in a six-month deal to pare output are committed to restoring the market’s stability, Barkindo noted.

“We are optimistic the policy measures have already placed us on the path of recovery. Our collective action will continue to prove effective," Bloomberg cited Barkindo as saying.

Barkindo said that OPEC will decide at a meeting on May 25 whether to prolong the cuts it pledged to make starting in January.