Saudi oil minister says no increase in output likely before June for OPEC+ GlobeBusiness
Saudi oil minister Khalid al-Falih said on Sunday it would be too early to change OPEC+ output policy at the group’s meeting in April, and that China and the U.S. would lead healthy global demand for oil this year.
“We will see where the market is by June and adjust appropriately,” Mr. Falih said after a meeting with Indian oil minister Dharmendra Pradhan in New Delhi. On Jan. 1, OPEC+ began new production cuts to avoid a supply glut that threatened to soften prices. The group agreed to reduce supply by 1.2 million barrels per day for six months.
“Aramco is finalizing their April allocations today or tomorrow so we will know more on Monday. But my expectation is that April is going to be pretty much like March."“If you look at Venezuela alone you would panic, if you look at the U.S. you would say the world is awash with oil. You have to look at the market as a whole. We think 2019 demand is actually quite healthy,” Mr. Falih said.
Mr. Falih said Chinese demand was breaking records month after month and estimated the country would breach the 11-million-bpd mark this year.
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