Opec says the international oil market is close to equilibrium

 
People's Daily news - The Organization of petroleum Exporting Countries (Opec) stressed that the global demand for oil is gradually increasing, the international oil market is close to balance.
 
"In order to support the oil market, Opec members and non-member oil producing countries have implemented unprecedented production cuts. Supply and demand trends are helping us step by step to achieve market balance, which is now close," Barkin said in a remote radio address, Kuwait's Al-Hayat newspaper reported Wednesday. "
 
According to the report, Opec released news that the average price of a basket of crude oil in May rose to $37.05 in June. From the beginning of the year to last week, the average price of a basket of crude oil reached $43.19 a barrel, compared with the annual average price of $52.43 in 2019.
 
In particular, Opec stressed that the additional cuts announced by some members would accelerate the rebalancing of global oil markets and improve demand for Opec crude in 2020.

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