Balanced global oil market in sight – Barkindo

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OPEC Secretary-General Mohammad Barkindo said there is no doubt that following efforts by global oil producers to curb production, the oil market is rebalancing, and doing so at an accelerating pace, The Sun reports.

“There is no doubt that this market is rebalancing at an accelerating pace,” Barkindo said in a speech at the Oil & Money conference in London on Thursday.

“Stability is steadily returning and there is far more light at the end of the dark tunnel we have been traveling down for the past three years,” he added.