Gulf OPEC Delegate: Oil Market is Stabilizing

Oil prices have started to stabilize around current levels of $60 a barrel and demand is showing signs of improving in Asia and other regions, a senior Gulf OPEC delegate said on Tuesday.

The comments indicate that the core Gulf members of the Organization of the Petroleum Exporting Countries are showing no sign of wavering in their strategy to focus on market share rather than cutting output, despite concerns from other members about falling oil revenue.

“Oil prices seem to stabilize around the current level … there are a lot of indications showing that demand is growing,” the senior Gulf OPEC delegate told Reuters. “The market is stabilizing as well as prices,” the delegate said, adding that $60 a barrel is “okay for now.”

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