Saudi Arabia’s energy minister Khalid al-Falih has recommended “gently” driving oil inventories down at a time of plentiful global supplies, saying that Opec would not make hasty decisions about output ahead of its June meeting. “Overall, the market is in a delicate situation,” Mr Falih said before a ministerial panel meeting of top Opec and non-Opec oil producers, including Saudi Arabia and Russia. While there is concern about supply disruptions, inventories are rising and the market should see a “comfortable supply situation in the weeks and months to come”, he said. Opec, of which Saudi Arabia is de facto leader, would have more data at its next meeting in late June to help it reach the best decision on output, Mr Falih said. The energy minister of the United Arab Emirates, Suhail al-Mazrouei, said producers were capable of filling any gap in the oil market and that relaxing supply cuts was not “the right decision”.

Source: Irish Examiner May 20, 2019 05:26 UTC