OPEC Secretary-General Mohammad Barkindo said on Jan. 19 the organization registered 133% compliance with agreed output reduction targets in January across all participating OPEC and non-OPEC countries.
Barkindo said compliance last year stood at 107% and that OPEC and non-OPEC producers would hold a technical meeting in June.
The OPEC Secretary-General made the comments while speaking at a conference in Nigeria’s capital Abuja.
Commercial oil stocks for the OECD rose in January 2018 and were about 74 million barrels over the latest five-year average, he said.
Global oil demand for 2018 is estimated to grow 1.6 million barrels per day due to an “encouraging environment,” Barkindo added.
Drillers cut nine oil rigs in the week to March 22, bringing the total count down to 824, the lowest since April 2018, Baker Hughes, a GE company (NYSE: BHGE), said in its weekly report.
The independent U.S. energy producer aims to take a final investment decision on the $20 billion project in the coming months, having signed up long-term buyers for its LNG.
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