Kuwait’s OPEC Governor Haitham Al-Ghais told Reuters in a telephonic interview from Istanbul on Sunday, oil demand is seen returning in the second half of 2017 and the OPEC cuts are ‘working well’.
“I see this trend continuing with more conformity from OPEC and non-OPEC producers, coupled with a further growth in demand.”
“OPEC is interested in knowing more about the situation in its member countries and their attendance doesn’t mean that OPEC is concerned by their recovery.”
The supply-cuts deal is “working well,” and there is no need to take further action at this time.
OPEC needs to “focus on its longer-term goal to lower oil stocks and balance the market.”
“All this talk about putting a production cap on Libya and Nigeria is premature.”
“Data so far is showing that the real spike in production only happened in June.”
“We have to look at the sustainability and stability of production from those countries.”
“We need to wait and see more production data before we can make any decision.”
“We feel that the market is on the right way of correcting itself.”
“Demand will pick up and we expect to see stronger demand in the third quarter.”