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

Reuters  |  LONDON 

By Alex LawlerLONDON (Reuters) - OPEC said the oil market outlook in the second half of the year is highly uncertain even though the oil producers 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, Russia and other non-OPEC producers have been cutting output since January 2017 to get rid of excess supply. The deal's main goal was to reduce oil inventories in developed nations to that of the five-year average. In a report on Tuesday, OPEC said inventories in those nations in April fell to 26 million ...

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