Saudi voluntary oil cut to help with low demand in Q1, OPEC chief says

Mohammad Barkindo, who spoke to the Gulf Intelligence online forum, said oil inventories globally - in both OECD and non-OECD countries- are "very high"

  
OPEC Secretary General Mohammad Barkindo speaks to journalists before a news conference of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia, July 24, 2017.

OPEC Secretary General Mohammad Barkindo speaks to journalists before a news conference of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia, July 24, 2017.

REUTERS/Anton Vaganov - RTX3COSD

LONDON- Saudi Arabia's voluntary oil production cut is set to help the oil market navigate through seasonally low oil demand during the first quarter, OPEC's secretary general told an industry event on Wednesday.

Saudi Arabia, the defacto leader of the Organization of the Petroleum Exporting Countries (OPEC), surprised the market earlier this month when it pledged to cut production by a further 1 million barrels per day in February and March.

Mohammad Barkindo, who spoke to the Gulf Intelligence online forum, said oil inventories globally - in both OECD and non-OECD countries- are "very high".

(Reporting by Ahmad Ghaddar and Shadia Nasralla. Editing by Jane Merriman) ((Ahmad.Ghaddar@thomsonreuters.com; +442075424435; Reuters Messaging: ahmad.ghaddar.thomsonreuters.com@reuters.net))

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