OPEC says oil market well supplied, wary of 2019 surplus

OPEC sees the oil market as well supplied and is wary of revisiting a glut next year, the group’s secretary-general said on Thursday, suggesting producers are in no rush to expand a June agreement that raises output.

Oil prices have rallied this year on expectations that U.S. sanctions on Iran will strain supplies by lowering shipments from OPEC’s third-largest oil producer. Brent crude last week reached $86.74, the highest since 2014.

OPEC Secretary-General Mohammad Barkindo, speaking at the Oil & Money conference in London, said there are many non-fundamental factors influencing the oil market that are beyond oil producers’ control…

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