SAUDI ARABIA (OBSERVATORY) – OPEC’s secretary-general Mohamed Barkindo said on Thursday he expected the balance of the world oil market to return in the second quarter or third quarter of 2018 instead of the end of the year in previous estimates.
Barkindo said in an interview with Reuters in New Delhi that there was growing confidence that oil producers would extend their cooperation agreement after 2018.
Russia would continue to play a key role in the agreements to restore market balance in the future.
“There is growing confidence that the declaration of cooperation will be extended after 2018,” Barkindo told Reuters. “Russia will continue to play a key role.”
He pointed out that the initial draft of a longer-standing alliance between the Organization of the Petroleum Exporting Countries (OPEC) and independent oil producers will be discussed during the two sides’ meeting in June.