Vienna – OPEC Secretary-General Mohammad Barkindo said on Wednesday that all oil producers taking part in a supply-cut pact are committed to bringing global inventories down to the industry’s five-year average and restoring stability to the market.
Barkindo, at the United Arab Emirates, said compliance data in March was showing better conformity by the oil producers with the agreement than in February.
OPEC and non-OPEC producers agreed in December to cut supplies for six months, helping to lift oil prices to about 55 dollars a barrel after a two-year slump.
OPEC will review policy for the second half of this year at a May 25 meeting.
Barkindo would not say whether the agreement would be extended for another six months, but that any decision taken would be in the interest of all producing and consuming countries.
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