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OPEC considers that the market has recovered "optimism" thanks to the cut

The Secretary General of the OPEC, Mohamed Barkindo, considered today that the cut agreed by 24 countries almost a year ago has returned the "optimism" and the "confidence" to an oil market that goes way to "recover the balance".

Vienna, November 27 (EFE) .- The Secretary General of OPEC, Mohamed Barkindo, said today that the cut agreed by 24 countries almost a year ago has returned "optimism" and "confidence" to a oil market that is on the way to "recovering the balance".

Barkindo was referring to the limitation of oil production in almost 1.8 million barrels per day (mbd), which, sealed in 2016 by 24 producer countries, has contributed to an increase in crude oil prices to levels not seen in two and a half years.

In addition to the fourteen OPEC partners, the pact Russia, Mexico, Kazakhstan, Azerbaijan, Bahrain, Brunei, Malaysia, Oman, Sudan and South Sudan joined.

"The fact that average compliance with supply adjustments has been more than 100% since the implementation of the decision, on January 1 of this year, not only makes me happy but has brought a new optimism to the oil market that has not been seen since time, "said Barkindo in Vienna at the beginning of a technical cooperation meeting between OPEC and other oil countries.

That optimism translates into an increase in prices, with the OPEC's barrel above 61 dollars, when a year ago it sold around 45 dollars.

OPEC and its allies meet this Thursday in the Austrian capital to discuss a possible prolongation of that cut beyond the deadline agreed on March 31 next.

The OPEC secretary general also stressed that "the investment in the sector is returning ".

" Without investments now we will not be able to satisfy the growing future demand nor face the production losses of the oldest (oil) fields ", indicated.

The cut agreed was destined to put an end to the excess of production, which in addition to cheaper oil had brought the levels of crude reserves in the countries developed at maximum.

Barkindo said that thanks to the cut inventory have been drained from the maximum of 380 m / b above the average of the last five years to 140 m / b in October.

This shows, in the opinion of the head of OPEC, that the "market is returning to equilibrium".

"Current market conditions, the level The optimism prevailing in the industry is proof of the result of our joint efforts, "Barkindo added.

The OPEC secretary general praised the group's cooperation energy with foreign producers and opened the door for it to continue in the future, beyond this specific agreement.

"Our joint work in the last year has forged new relations between OPEC and non-OPEC countries that never existed in the past, "he said.

" This has led to new friendships, new opportunities and laid the foundations to continue our cooperation in the future, "he said.

These words from Barkindo seem to reinforce the impression that OPEC and its allies will extend crude oil cuts on Thursday. beyond March 31, 2018.

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