October 16, 2018 / 6:27 AM / a month ago

OPEC's Barkindo says global spare oil capacity shrinking

FILE PHOTO - OPEC Secretary-General Mohammad Barkindo listens during a news conference in Vienna, Austria, November 7, 2017. REUTERS/Heinz-Peter Bader/Files

NEW DELHI (Reuters) - OPEC Secretary-General Mohammad Barkindo said global spare oil capacity was shrinking, adding that producers and companies should increase their production capacities and invest more to meet current demand.

Members of the Organization of the Petroleum Exporting Countries and non-OPEC countries participating in a supply-reduction agreement are on course to reach 100 percent compliance, Barkindo said on Tuesday during the IHS CERA conference.

Reporting by Nidhi Verma and Promit Mukherjee; Writing by Sudarshan Varadhan; Editing by Christian Schmollinger

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