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18

OPEC Oil Output Curbs to Balance the Market

Opec's limited oil output should bring the world market into balance

Opec’s limited oil output should bring the world market into balance, the group’s new Secretary-General said on Monday.

Opec oil ministers meet on March 15 to set output strategy and review compliance with deals to cut 1.2 million barrels per day (bpd) from November1 and a further 500,000 bpd from February 1.

“Our percentage of compliance is satisfactory, even though there is room for improvement,” Badri said at the Vienna headquarters of the Opec.

“If we applied the same percentage to the 500,000 bpd, then we are going to see a balanced market.”