Joint cuts of 1.8 million b / d have reduced OECD
oil inventories towards their five - year average and cleared most of the global glut, with the Saudis cutting even deeper than agreed in an attempt to lift prices well above US$ 80 before selling off shares in Aramco.
Healthy demand growth for fuel not only in emerging economies led by China and India, but also in Europe, is helping global
inventories to draw down faster now, keeping the
oil market on the right track
towards rebalancing, according to industry executives who spoke at a conference on Tuesday.