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OPEC cautious on oil outlook despite end of global glut

Reuters  |  LONDON 

By Alex LawlerLONDON (Reuters) - OPEC said the oil market outlook in the second half of 2018 is highly uncertain even though the producer group's figures show a global glut has ended, suggesting talks next week on relaxing a supply cut deal won't be straightforward.OPEC, Russia and other non-OPEC producers have been cutting output since January 2017 to get rid of excess supply and boost prices. The deal's goal was originally to reduce inventories in developed nations to that of the five-year average. In a report on Tuesday, the Organization of the Petroleum Exporting Countries said those ...

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First Published: Tue, June 12 2018. 19:14 IST
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