Right on!
A global oil glut has been virtually eliminated, according to OPEC figures, thanks in part to an OPEC-led supply cut deal in place since January 2017 and fast-rising global demand.
Oil inventories in developed nations in March fell to stand 9 million barrels above the five-year average, OPEC said in a report on Monday. That’s down from 340 million barrels above the average in January 2017.
“OPEC, as always, stands ready to support oil market stability, together with non-OPEC oil producing nations participating in the Declaration of Cooperation,” OPEC said.
The goal of the supply cut was to reduce the excess in oil stocks to that of the five-year average. But oil ministers have said other metrics should also be considered such as oil industry investment, suggesting they are not in a hurry to ease supply curbs.
As well as OPEC’s voluntary cuts, a plunge in Venezuelan oil output due to economic crisis and the United States’ departure from a nuclear deal with OPEC member Iran have supported prices.
OPEC signaled it was ready to step in should “geopolitical developments” impact supply.
“OPEC, as always, stands ready to support oil market stability, together with non-OPEC oil producing nations participating in the Declaration of Cooperation,” OPEC said.
A global oil glut has been virtually eliminated, according to OPEC figures, thanks in part to an OPEC-led supply cut deal in place since January 2017 and fast-rising global demand.
Oil inventories in developed nations in March fell to stand 9 million barrels above the five-year average, OPEC said in a report on Monday. That’s down from 340 million barrels above the average in January 2017.
“OPEC, as always, stands ready to support oil market stability, together with non-OPEC oil producing nations participating in the Declaration of Cooperation,” OPEC said.
The goal of the supply cut was to reduce the excess in oil stocks to that of the five-year average. But oil ministers have said other metrics should also be considered such as oil industry investment, suggesting they are not in a hurry to ease supply curbs.
As well as OPEC’s voluntary cuts, a plunge in Venezuelan oil output due to economic crisis and the United States’ departure from a nuclear deal with OPEC member Iran have supported prices.
OPEC signaled it was ready to step in should “geopolitical developments” impact supply.
“OPEC, as always, stands ready to support oil market stability, together with non-OPEC oil producing nations participating in the Declaration of Cooperation,” OPEC said.
