OPEC’s Barkindo: Global oil demand growth has been robust

OPEC Secretary General Barkindo crossed the wires last minutes, via Reuters, commenting on the global oil demand outlook.

Key Points:

No doubt oil market is rebalancing at accelerating pace

Balanced oil market in sight

Global oil demand growth has been robust

Signs of stronger trend

Expects oil demand to surpass 100mn bpd as early as 2020

OECD oil stocks fell further in Sept to stand at around 160m bpd above 5-year average