Oil Market Re­bal­anc­ing at Ac­cel­er­at­ing Pace


ABU DHABI (Dis­patches) - The oil market is re­bal­anc­ing at an ac­cel­er­at­ing pace, as global lev­els of oil in­ven­to­ries have fallen vis­i­bly and de­mand for oil is ro­bust, OPEC Sec­re­tary-Gen­eral Mo­ham­mad Barkindo said on Mon­day.

Speak­ing at an energy in­dus­try con­fer­ence, Barkindo said he was con­fi­dent that both the oil in­dus­try and the global econ­omy were ben­e­fit­ing from the deal to cut out­put among major pro­duc­ers. OPEC and other non-OPEC pro­duc­ers will meet on Nov. 30 in Vi­enna to de­cide on oil out­put pol­icy.

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