Conditions in the global oil markets have been improving but the global stockpiles remain above the five-year average, OPEC Secretary-General Mohammad Barkindo said on Monday.

 

"The worst is probably over for now. We are beginning to see light at the end of the tunnel but we still have some work to do because we still have inventories that are higher than the five-year average," Reuters quoted Barkindo as saying.

 

Barkindo said he hoped that the OPEC-led deal to reduce oil production would help restore stability to global oil markets in the course of the year.

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