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Sunday, 21 May 2017

Saudi oil minister: continuing cuts, adding small producers to deal will reduce inventories | Reuters

Saudi oil minister: continuing cuts, adding small producers to deal will reduce inventories | Reuters:

"Saudi Arabia believes continuing an agreement among global oil producers to cut output, and adding one or two small producers to the deal, will reduce oil inventories sufficiently, energy minister Khalid al-Falih said on Sunday. "We believe that continuation with the same level of cuts, plus eventually adding one or two small producers...will be more than adequate to bring the five-year balance to where they need to be by the end of the first quarter 2018," he said. Falih was speaking at a news conference before this week's talks between global oil producers on whether to extend their output deal, which expires in June."



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