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English news

05-Dec-2018

OPEC+ output cuts premature, Energy Minister says

Saudi Energy Minister Khalid Al-Falih said, in an interview to Bloomberg television, that it is premature to say if OPEC+ will cut output. He added that he sees an oversupplied market, but cautioned that all the members of the OPEC+ group needed to come together for a cut to go ahead. He walked back on previous statements about the size of any supply reduction, saying the group is likely to cut but still needs to “figure out what needs to be done and by how much.” “We need to get together and listen to our colleagues, hear about their views on supply and demand and their projections of their own countries’ production,” Al Falih said while attending United Nations climate talks in Poland. “The next road to cross is whether all countries are willing to come on board and contribute to that cut.” Regarding his previous comments made last month al-Falih said “what we said in Abu Dhabi is that projections are that there will be 1mn barrels a day of oversupply, and that we will wait until we get to Vienna and are certain what that number is.

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