OPEC Secretary-General Mohammad Barkindo said April 27 that an overhang in global oil inventories was declining but stockpiles still needed to fall closer to the five-year industry average.
"While it is evident that the market rebalancing is now moving forward and investment specifically in short-cycle projects is returning, it is essential we do not take our eyes off our desired goals," he told a conference in Paris.
"We need to see the global stock overhang move closer to its five-year average. We need to see the return of more long-cycle investments," he said.
Barkindo's views were echoed by oil ministers from OPEC members Iraq and Angola, also attending the conference.
Iraqi oil minister Jabar al-Luaibi said production cuts were gradually leading to a long-awaited rebalancing of the market.