OPEC president Purnomo Yusgiantoro said Tuesday, that the world oil market is currently oversupplied
OPEC president Purnomo Yusgiantoro said Tuesday, that the world oil market is currently oversupplied by 2.1-2.5million bpd, where about 2 million bpd is produced in OPEC countries.
"I have asked OPEC countries to release the oil to the market to give a positive signal, so there are enough oil stocks in the world," Purnomo said.
In Vienna, OPEC's chief economist said Tuesday that surging demand from China and the U.S. isn't sustainable next year, and that demand for the producer group's oil will steady.
"It cannot last forever like this," Adnan Shihab-Eldin, director of research at the Organization of Petroleum Exporting Countries, told an oil industry conference.
He said the call on OPEC will next year remain about steady with this year's level at 29 million barrels a day.
