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Commodities

Saudi Arabia says oil producers want to reduce inventories

Updated : May 20, 2019 06:45 AM IST

Saudi energy minister Khalid al-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”.
Russian energy minister Alexander Novak earlier said an easing of cuts had been discussed and the supply situation would be clearer in a month, including from countries under sanctions.
Falih told reporters the market was “very fragile” with conflicting data due to concerns about supply disruptions while inventories rise, but that a “comfortable supply situation” should be seen in weeks and months to come.
Saudi Arabia says oil producers want to reduce inventories

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