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Saudi Arabia says oil producers want to reduce inventories
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Saudi energy minister recommends driving down oil inventories, says supply plentiful
Saudi Energy Minister Khalid al-Falih said on Sunday he recommended 'gently' driving oil inventories down at a time of plentiful global supplies and that OPEC would not make hasty decisions about output ahead of a June meeting. 'Overall, the market is in a delicate situation,' Falih told reporters before a ministerial panel meeting of top OPEC and non-member oil producers, including Saudi Arabia and Russia.
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Saudi Arabia says oil producers want to reduce inventories
Saudi Energy Minister Khalid al-Falih said on Sunday there was consensus among OPEC and allied oil producers to drive down crude inventories 'gently' but his country would remain responsive to the needs of what he called a fragile market. Falih said a possible rollover in the second half of 2019 of output curbs agreed by OPEC and non-members was the main option discussed at a ministerial panel meeting during the day but 'things can change by June'. 'This second half, our preference is to maintain production management to keep inventories on their way declining gradually, softly but certainly declining towards normal levels,' he told a news conference after the panel meeting.
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