Oil market is oversupplied, says Opec

The global oil market is ‘overall oversupplied,’ said the acting secretary general of Opec, the organization that supplies 40% of the world’s crude, two weeks before a meeting to decide whether the group should reduce production to support prices.

It’s ‘premature’ to expect dwindling stockpiles will keep the Organisation of Petroleum Exporting Countries from cutting output again, the acting secretary general, Mohammed Barkindo, said in an interview in Cairo. ‘‘This number is just for one week, it could be a bleep,’’ Barkindo said.
Financial Express