China has concluded plans to import 1.48 million barrels of oil from Nigeria, Angola and other West African countries this month.
An Organisation of Petroleum Exporting Countries (OPEC) survey showed that the global oil market has started to witness stability due to increased compliance to oil supply cut.
The Secretary General of OPEC, Dr. Sanusi Barkindo, indicated that to date, conformity with the decisions by all participating countries has been very encouraging.
Barkindo expressed confidence that all countries remain steadfast in honouring their commitments to individually achieve the 100 per cent level.
He also added that in this regard, it is also important to recognise just how far OPEC and others have gone in rebalancing the market and returning stability on a sustainable basis.
This expansion in demand will obviously require significant investments. Moreover, new barrels are needed to not only increase production, but also to accommodate for decline rates from existing fields,” he added.