OPEC Head: Global Oil Inventories Will Continue To Draw Down ...Middle East

Oil inventories in developed nations have declined by 160 million barrels since this time last year and will continue to drop in the near term, OPEC Secretary General Mohammad Barkindo said in a bullish outlook on the oil market at an online petroleum industry summit on Monday. In April alone, oil stocks in OECD countries went down by 6.9 million barrels, Barkindo said at the Nigeria International Petroleum Summit, as carried by Reuters. “We expect to see further drawdowns in the months ahead,” OPEC’s head said. Barkindo also…

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