Opec chief sees need to keep oil supply deal

Bloomberg

The Organization of Petroleum Exporting Countries (Opec) needs to keep working with other oil producers to manage global supplies as demand for crude faces ‘headwinds,’ the head of the organisation said.
The historic supply deal between Saudi Arabia, Russia and other producers reached in late 2016 needs to become permanent, Mohammad Barkindo, secretary-general of the Opec, said. Oil demand is ‘robust,’ though crude use ‘is beginning to face some headwinds,’ he said, without elaborating.
“There is no viable alternative on the table other than to institutionalise and make this cooperation between ourselves and our good partners from non-Opec in a permanent fashion,” Barkindo said. Low crude prices hit the oil industry and starved it of investment, leaving continued cooperation among producers as they only way to maintain stability in markets, he said.