OPEC says too much oil in market

OPEC president Angola said on Friday there is still too much oil stored in the market and that the recent volatility in oil prices does not satisfy the group.

Jose Botelho de Vasconcelos, who is also Angola’s oil minister, said compliance with OPEC cuts has varied between 78 to 80 percent within the 12 member exporter group.

“There is still too much oil in the market,” he told journalists on the sidelines of a conference on Friday.

Source: Reuters