The Saudi energy minister said on Monday it was premature to say whether a conse...
RIYADH - The Saudi energy minister said on Monday it was premature to say whether a consensus existed among OPEC and its allies to extend oil supply cuts, but a meeting next month would be key.
“JMMC will be a key decision point because we will certainly by then know where the consensus view is and, more importantly, before we ask for consensus, we will know where the fundamentals are pointing,” the Saudi minister, Khalid al-Falih, said.Oil inventories remain higher than average but the market is on its way towards rebalancing, Falih added.
Russia, which is cutting oil output in tandem with OPEC, also said production cuts would stay in place at least until June, when Washington’s next steps on reducing Iranian and Venezuelan oil exports become clearer. The NOPEC move prompted Saudi Arabia to threaten to sell its oil in currencies other than the dollar if Washington passes the bill, three sources familiar with Saudi energy policy told Reuters last week.
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