Saudi Oil Minister Sees OPEC, Allies Cooperation Past 2018 - Bloomberg

Saudi Oil Minister Sees OPEC, Allies Cooperation Past 2018 - Bloomberg:

"OPEC and non-OPEC producers should stick with their supply cuts throughout 2018 and continue cooperating beyond that, oil ministers from Saudi Arabia and Oman said.

The crude market will take all of 2018 to reach a normal level, and oil ministers shouldn’t limit their efforts to this year, Saudi Energy Minister Khalid Al-Falih told reporters on Sunday in Muscat, Oman, before a meeting to assess compliance with the cuts. Russian Energy Minister Alexander Novak said ministers need to see how the market develops before deciding if there’s a need to adjust production caps.

The Organization of Petroleum Exporting Countries and its allies see merit in maintaining their output limits into 2019 and probably won’t discuss an exit strategy from their cuts agreement when the committee monitoring compliance meets on Sunday, Oman Oil Minister Mohammed Al Rumhy told reporters. Saudi Arabia’s Al-Falih said the market won’t re-balance in the first half, and ministers need to identify a normal inventory level more clearly before OPEC meets next in June."



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