Oil market rebalancing to speed up in H2, says Barkindo

The rebalancing of the oil market is progressing slower than expected, but it will speed up in the second half of 2017, OPEC Secretary General Mohammad Barkindo told reporters today in St. Petersburg, where OPEC and non-member producers are meeting on Monday.

He said that the oil market is expected to rebalance soon on the back of the strong growth of oil demand and the conformity of OPEC and non-OPEC countries to the output cut agreement, as well as a draw-back in US oil inventory, Reuters reported.