Oil market rebalancing will speed up in the second half of the year - OPEC's Barkindo

OPEC's Secretary General Mohammad Barkindo said on Sunday - "We are pretty sure that the rebalancing process may be going at a slower pace than earlier projected, but it is on course. It is bound to accelerate in the second half".

Reuters report says, "Barkindo cited strong oil demand growth, conformity with a global pact by OPEC and non-OPEC countries to cut output as well as an inventory draw in the United States as reasons why a rebalancing of the oil market would speed up."