OPEC Secretary-General Abdullah al-Badri wants cooperation with non-OPEC producers over surplus

OPEC Secretary-General Abdullah al-Badri said on Tuesday the oil exporter group should work together with producers outside OPEC to tackle the global market surplus.

“All of us should work together, OPEC and non-OPEC – work together to get rid of this overhang,” Birol told an industry conference in London.

“There is one problem we are facing: the overhang of 200 million barrels,” he added.

But Badri said oil supply growth from non-OPEC producers might be zero or negative in 2016. There had been a $650 billion cut in upstream investment, meaning supply should soon begin to fall.

“We will see the effect of the cut on production. This will mean less supply in the near future.”