The oil market is rebalancing at an accelerating pace, as global oil inventories have started to substantially deplete, Reuters reported on Monday, citing OPEC Secretary General Mohammad Barkindo.

 

“The demand for oil is robust,” Barkindo said at the ADIPEC conference in Abu Dhabi.

 

The OPEC chief added that he was confident that both the oil industry and the global economy were benefiting from the output cut deal among major producers. 

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