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1/13, 10:07 AM (Source: TeleTrader)
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Barkindo: Oil market to be unbalanced in H1 of 2020

Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Mohammed Barkindo said at the International Petroleum Technology Conference (IPTC) on Monday that he expects the global oil market to be unbalanced in the first six months of 2020.

Earlier, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said his country will do "all it can" to ensure stability in the oil market amid tensions in the Middle East.

Oil prices soared last week after Iran carried out retaliatory strikes on American bases in Iraq in response to Washington's killing of its top General Qassem Soleimani. However, crude has since dropped as fears of an armed conflict in the Middle East faded after Iran said its revenge was complete and United States President Donald Trump announced he is "ready to embrace peace."

Breaking the News / NP