April 12, 2018 / 11:37 AM / 3 months ago

Interview: OPEC's Barkindo sees oil market rebalancing in Q2-Q3

NEW DELHI (Reuters) - OPEC Secretary-General Mohammad Barkindo said on Thursday that he sees the global oil market rebalancing in the second to third quarters of 2018, earlier than a previous forecast of the year-end.

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

Speaking in an interview with Reuters in New Delhi, he also said there was growing confidence that oil producers would extend their cooperation pact beyond 2018.

Russia will continue to play a key role in future market rebalancing pacts, Barkindo said.

“There is growing confidence that the declaration of cooperation will be extended beyond 2018,” Barkindo told Reuters.

“Russia will continue to play a leading role.”

The initial draft of a longer-term alliance between the Organization of the Petroleum Exporting Countries and non-OPEC oil producers would be discussed at their June meeting, he said.

Reporting by Nidhi Verma and Alex Lawler; Editing by Dale Hudson

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