March 19, 2018 / 11:54 AM / 7 months ago

OPEC's Barkindo says oil market improving but stockpiles still high

BAKU (Reuters) - OPEC Secretary-General Mohammad Barkindo said on Monday that conditions on the oil market have been improving but that global inventories remain above the 5-year average, the important benchmark for the market.

“The worst is probably over for now. We are beginning to see light at the end of the tunnel but we still have some work to do because we still have inventories that are higher than the 5-year average,” he told a briefing in Azerbaijan’s capital of Baku.

Reporting by Nailia Bagirova and Margarita Antidze; writing by Vladimir Soldatkin; editing by Jason Neely

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