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OPEC ministers say oil market moving in right direction

Some of the world's biggest oil traders said accelerating demand is also helping to rebalance the market

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Opec

Bloomberg 

OPEC ministers gathering in Vienna for the group's biannual meeting said the oil market is moving in the right direction as a supply glut dissipates. While Saudi Arabia - the architect of the Organization of Petroleum Exporting Countries' current policy - remained silent, ministers from the United Arab Emirates and Nigeria signaled that the strategy of letting low prices eradicate surplus production is working. Some of the world's biggest oil traders said accelerating demand is also helping to rebalance the market. "From the beginning of the year until now, the market has ...

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First Published: Thu, June 02 2016. 00:27 IST
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