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OPEC cautious on oil outlook, even though global glut is gone

Reuters  |  LONDON 

By Alex Lawler

LONDON (Reuters) - said the in the second half of the year is highly uncertain even though the group's figures show a global glut is gone, suggesting exporters will be in no rush to fully relax output curbs at a meeting next week.

OPEC, and other non-producers have been cutting output since January 2017 to get rid of excess supply. The deal's main goal was to reduce in developed nations to that of the five-year average.

In a report on Tuesday, said inventories in those nations in April fell to 26 million barrels below the five-year average. That's down from 340 million barrels above the average in January 2017.

Still, OPEC in the report was cautious on the outlook for the rest of 2018.

"Recently, have lost some momentum amid uncertainty as traders prepare for potentially more supply returning to the market," OPEC said.

(Editing by Jason Neely)

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

First Published: Tue, June 12 2018. 16:52 IST