OPEC Says Oil Goal's Close as Stockpile Glut Shrinks Further
- Inventory overhang at about 130 million barrels: Barkindo
- Strong economic growth is seen supporting global oil demand
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OPEC is near its goal of rebalancing the oil market as an inventory overhang targeted by its output curbs continues to shrink, according to the group’s secretary general.
The stockpile glut -- including crude as well as oil products -- has shrunk to 130 million barrels above the five-year average, Mohammad Barkindo said in a Bloomberg Television interview in Beijing before the release of OPEC’s monthly market report on Wednesday. The group last month estimated the overhang at about 154 million barrels.