OPEC Warns Of Oil Market Surplus Next Year

Mohammed Sanusi Barkindo, OPEC Secretary General

OPEC Secretary General said on Thursday, The organization believes that the oil market is receiving sufficient supplies, but is concerned about supply increases next year, Suggesting that Producers are not rushing to extend the June agreement On increased production.

Oil prices have rallied This year because of expectations that US. sanctions on Iran will strain supplies by lowering shipments from OPEC’s third-largest Brent crude for LCOc1 last week reached $ 86.74, the highest level since 2014

OPEC Secretary-General Mohammed Barkindo said During the Oil and Money Conference in London, there are a lot of Non-core factors Which affect the oil market beyond the control of producers.

He said that the market is moving on the assumption that there is a potential supply shortage The market still gets enough supplies

As for the balance of supply and demand next year, Barkindo said: "The forecasts for 2019 clearly show the possibility of a reconstruction of stocks."

Barkindo said oil producers were concerned about excess capacity in production as investment in the oil sector continued to decline.

Pointing to the continued decline in investment in the oil sector caused by the decline of the market since 2014