Saudi Energy Minister Khalid al-Falih said on Wednesday he hoped the oil market would balance out by April and that there would be no gap in supplies due to US sanctions on OPEC members Iran and Venezuela.
“We hope by April the market will be in balance,” al-Falih told reporters in New Delhi, adding that the commitment to a global supply-cutting deal was “unquestionable.”
Al-Falih is part of the entourage travelling with Saudi Crown Prince Mohammed bin Salman, who is in India for a two-day visit.
The Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-OPEC producers - an alliance known as OPEC+ - agreed to reduce oil supply by 1.2 million barrels per day starting from January 1 this year.
OPEC+ will meet in April in Vienna to decide on its supply policy and whether to extend the output agreement beyond June.
“April will be an important line post of the journey for market stability in keeping supply and demand closely aligned and getting inventories to where we want them to be, which is around the five-year average,” he said.
Al-Falih said Saudi Arabia would consult and calibrate a supply plan for the second half of the year at the April meeting.
Oil hits 2019 high near $64 on Venezuela sanctions, OPECOil hit a two-month high close to $64 a barrel on Monday as OPEC-led supply cuts and US sanctions against Venezuela’s petroleum industry offset ... Energy
OPEC ministers: Oil market likely to rebalance early 2019Oil ministers from leading OPEC nations said Sunday they expect prices will arrest their recent slide and rebalance early next year, when a deal on ... Energy
Al-Falih sees deal with Kuwait to resume oil output from Neutral ZoneSaudi Arabia’s energy minister Khalid al-Falih said on Wednesday the country is expected to reach an agreement this year to resume oil output ... Energy
Al-Falih: Saudi Arabia will reduce oil production to near 9.8 mln bpd in MarchSaudi Arabia will reduce oil production to almost 9.8 million barrels per day in March, the Kingdom’s energy minister Khalid al-Falih told the ... Energy