Saudi Arabia said on Sunday OPEC's job in rebalancing the oil market was fa...
BAKU - Saudi Arabia said on Sunday OPEC’s job in rebalancing the oil market was far from done as global inventories were still rising despite harsh U.S. sanctions on Iran and Venezuela, signaling it may need to expand output cuts into the second half of 2019.
The United States has been increasing its own oil exports steeply in recent months while imposing sanctions on Venezuela and Iran to reduce their shipments to global markets. “We like to remain ready to continue monitoring supply and demand and do what we have to do in the second half,” said Falih as some OPEC ministers met in the Azeri capital of Baku for the monitoring committee of OPEC and its allies like Russia.OPEC and its allies have cut output by 1.2 million barrels per day - or 1.2 percent of global demand - since January to help rebalance the global oil market and prop up prices.
“Those sanctions are creating negative trends in the market and are completely distorting the supply and demand picture... They are imposed to help sell goods of the country that is imposing the sanctions, and they create uncertainty,” he said.
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