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OPEC says global oil glut virtually eliminated

Reuters  |  LONDON 

(Reuters) - A global glut has been virtually eliminated, according to figures, thanks in part to an OPEC-led supply cut deal in place since January 2017 and fast-rising global demand.

inventories in developed nations in March fell to stand 9 million barrels above the five-year average, said in a report on Monday. That's down from 340 million barrels above the average in January 2017.

"OPEC, as always, stands ready to support market stability, together with non-oil producing nations participating in the Declaration of Cooperation," OPEC said.

(Editing by Jon Boyle)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 14 2018. 16:23 IST