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OPEC ministers say oil market moving in right direction

stander
stander
in Oil, Gas and Energy News

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VIENNA, Austria (Bloomberg) -- OPEC ministers gathering in Vienna for the group’s biannual meeting said the oil market is moving in the right direction as a supply glut dissipates.


While Saudi Arabia—the architect of the Organization of Petroleum Exporting Countries’ current policy—remained silent, ministers from the United Arab Emirates and Nigeria signaled that the strategy of letting low prices eradicate surplusproduction is working. Some of the world’s biggest oil traders said accelerating demand is also helping to rebalance the market.


http://www.worldoil.com/news/2016/6/1/opec-ministers-say-oil-market-moving-in-right-direction


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