Business | Oil & Gas
Opec official says market excess is 500,000 bpd
The global oil market is over-supplied by over 500,000 barrels per day (bpd) and Opec will take appropriate measures to balance it at its December 14 meeting, the group's acting secretary-general said yesterday.
- Reuters
- Published: 00:00 December 10, 2006
Lagos: The global oil market is over-supplied by over 500,000 barrels per day (bpd) and Opec will take appropriate measures to balance it at its December 14 meeting, the group's acting secretary-general said yesterday.
Mohammad Barkindo stopped short of saying Opec would cut production at the Abuja meeting, though the group's president Edmund Daukoru said on Friday he favoured a further reduction after Opec cut output in October.
"The oversupply is well over 500,000 bpd. It's between 600,000 and 700,000 bpd for the first half of next year, but those numbers are continually being adjusted," Barkindo said.
"We will study market developments and come up with appropriate measures," he said.
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