Oil market is balanced and adequately supplied: OPEC

Oil market is balanced and adequately supplied: OPEC

The oil market is adequately supplied and balanced but this situation is fragile said Mohammad Sansui Barkindo, Secretary General, Organisation of Petroleum Exporting Companies.

Speaking at the India Energy Forum by CERAWeek, Barkindo said, “Our current view is that the market is currently adequately supplied and well balanced. For 2019, there is the potential for an imbalance, due to larger growth in supply. Naturally, this prognosis is subject to the critical uncertainties.”

“When you look at all the hostilities coming at the same time after nearly 8 to 9 years of global economic growth,” he said.

Barkindo pointed out current trade tensions and movement of interest rates and said that a combination of all these factors impacts all the projections of demands. Read more

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