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A top BP executive said that OPEC will need to prolong its production cuts if the market is to rebalance. “Rebalancing is already on the way,” Janet Kong, Eastern Hemisphere Chief Executive Officer of integrated supply and trading at BP, told Bloomberg.
But the group needs “definitely to cut beyond the first quarter” if inventories are to come back to average levels, she added.
She argued that a return to $60 is possible next year, but only if OPEC extends the cuts.