Full compliance with the OPEC+ production quotas will ensure balance in the global oil market in the first and the second quarters of 2020, OPEC Secretary General Mohammed Barkindo told Sputnik on Monday ahead of the upcoming World Economic Forum in Switzerland
DAVOS (Pakistan Point News / Sputnik - 20th January, 2020) Full compliance with the OPEC+ production quotas will ensure balance in the global oil market in the first and the second quarters of 2020, OPEC Secretary General Mohammed Barkindo told Sputnik on Monday ahead of the upcoming World Economic Forum in Switzerland.
The forum will run in the Swiss town of Davos from Tuesday to Friday.
"Yes, at the moment it's looking [like that]. We are optimistic that the full and timely implementation of supply adjustments will ensure a balance in the market in the first and the second quarter," Barkindo said, when asked whether the current production cuts under the OPEC+ deal are enough for stabilizing the oil market.
OPEC and several non-cartel oil producers have been reducing oil output since 2017 in a bid to counter the oversupply in the global market. The deal has been extended several times, with its conditions undergoing changes. As of now, the deal envisions production decrease by 1.7 million barrels of oil per day, compared to October 2018 level, in the first quarter of 2020.
