OPEC’s Barkindo: Extraordinary steps may be needed in 2018 to rebalance oil market

Reuters out with the comments from the OPEC’s Secretary General Mohammed Barkindo, delivered at the India Energy Forum organized by CERAWeek in New Delhi.

Key Quotes:

“There is a growing consensus that ... a rebalancing process is under way. We are gradually but steadily achieving our common and noble objectives,”

“To sustain this into next year, some extraordinary measures may have to be taken in order to restore this stability on a sustainable basis going forward,”

Nigeria and Libya, who are exempted from the pact, “are making progress towards full recovery” of production.

“It is a big market and demand is very strong. Between the first half and second half this year, demand growth is almost about 2 million barrels (per day), which is very robust.”

“So everybody has a role to play.”