OPEC: Oil prices will remain stable for the rest of this year
Pinto said that oil prices will continue to stabilize before the end of this year. According to a poll conducted by Reuters last week, the global oil market will likely face an oversupply of 150,000 barrels of crude oil per day this year. At a meeting held last week, OPEC once again maintained its official output ceiling, but OPEC did not emphasize at this meeting that member countries should abide by the production limit. OPEC’s daily oil output in February exceeded the quota by almost 2 million barrels.
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Pinto made the above speech at the UN Global Commodity Forum held in Geneva. He said that the current relatively stable situation in the global oil market is beneficial to oil-producing countries to increase investment in the oil industry.