OPEC gen sec Barkindo out with few comments 11 April
- OPEC will monitor and evaluate market conditions, especially impact of market rebalancing
- joint tech committee will continue to meet through 2018 to keep evaluating data
- partnership between OPEC/non-OPEC is working
- we remain cautiously optimistic that the inventories will come at 5 year average
- compliance of OPEC members for supply cut has been above 100% for Feb, seen much higher in March
- we have to look beyond rebalancing and OPEC/non-OPEC partnership should continue
- we are keeping options open for other members to join the non-OPEC side, consultations are ongoing
Oil prices near session lows after retreating in Asia but still seemingly underpinned overall.
