PARIS (Reuters) - OPEC Secretary General Mohammad Barkindo said on Thursday that global oil inventory overhang was declining but oil stocks still need to fall closer to the five-year industry average.
The Organization of the Petroleum Exporting Countries and non-OPEC meet on May 25 to discuss extending the curbs that total 1.8 million barrels daily, two-thirds of that from OPEC, in a bid to drain the supply glut that has depressed prices.
The International Energy Agency said this month that inventories in industrialised countries were still 10 percent above the five-year average, a key gauge for OPEC.
(Reporting by Alex Lawler; writing by Rania El Gamal; editing by Jason Neely)
Disclaimer: No Business Standard Journalist was involved in creation of this content
