OPEC's Barkindo: It is clear the oil market rebalancing process is underway

OPEC Secretary-General Mohammad was out on the wires, saying that the OPEC-led supply cut deal was helping to rebalance the global oil market, as reported by Reuters.

Key quotes (via Reuters):

• OECD commercial oil stocks were 195 million barrels above 5-year average in July, down from 340 million barrels above 5-year avg at start of 2017
• Oil in floating storage has been on declining trend since June
• Higher oil demand in second half of year will contribute to further falls in oil stocks