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US shale companies have benefited from the supply-cut efforts from OPEC+ and the oil market rebalancing is still a work in progress, Secretary General of OPEC Mohammed Sanusi Barkindo reportedly said during a Houston energy conference on Monday.

Key quotes by Barkindo and Senior Gulf official (source: Reuters)

The rebalancing of the global oil market is a work in progress.  

Supply adjustments will continue through 2019.  

We want to see commercial stocks down… global crude and oil products stocks should fall back to a five-year average.