The logo of Opec at the producer cartel’s headquarters in Vienna, Austria. Picture: REUTERS/ LEONHARD FOEGER
The Organisation of the Petroleum Exporting Countries and its allies led by Russia meet in December to review output policy. The Opec+ alliance has since January implemented a deal to cut oil output by 1.2-million barrels a day to support the market. The pact runs to March 2020. Asked whether he was more optimistic about the market than he had been in October, when he had said all options were open including a deeper cut, Barkindo replied that the picture had improved.
On whether the market looked oversupplied for 2020, Barkindo said: “We are not there yet. It is not possible for us at the moment to pre-empt all processes” of reviewing the market before the December meeting.