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DAVOS - OPEC Secretary-General Mohammed Barkindo said "the organization and its allies do not rule out further measures at their next meeting in April if stocks rise in the first quarter of this year ".

The producers are scheduled to meet on April 17 and 18 to review the agreement. Barkindo did not rule out further measures if the industrialized countries ' stockpiles continue to rise above an average of five years, adding that we are still focusing on the balance between supply and demand... The challenge we face is to maintain the balance between supply and demand.

Barkendo continued we have seen a rise in stockpiles above the average of five years and two months ago we saw a deficit. We aim to ensure that stocks remain below the five-year average.

Barkindo said "the producers are applying significant reductions in oil production to avoid increasing stocks during the first quarter and the crude market has responded well" and said: "We have seen strong cuts from major producers to avoid the rise of stocks again in the first quarter... We are very satisfied with the market response".


Source: reuters