Enterprise Television- Oil Market Heads Towards Rebalancing – OPEC
The Organization of the Petroleum Exporting Countries (OPEC) on Thursday said that, after a long years of low oil prices, the global oil market is moving closer to reaching a healthy balance between supply and demand.
In its monthly oil market report, the Organization of Petroleum Exporting Countries (OPEC) said there were “growing indications that the oil market is heading smoothly toward rebalancing.”
Oil prices have risen in recent months, after OPEC and a clutch of countries outside the cartel struck a landmark deal at the end of 2016 to cut back production to combat a global oil glut.
The prices of oil have recently moved above the $70 mark, after hitting a 10-year low of less than $30 in January 2016.
The Forties pipeline system, which normally carries 40% of UK oil and gas production in the North Sea, was recently hit by a cracked pipe.
OPEC said that the world oil supply was projected to have expanded to an average 57.79 million bpd in 2017. And it would grow further to 58.94 million bpd in 2018.