Producers would rather tighten oil markets than exit cuts deal too early - Saudi oil minister:
"Saudi Arabia’s energy minister said that global producers, which have joined efforts to curb output over the last year, would rather persist with production cuts and bring about a slight supply shortage than unwind the deal before the market was ready.
Khalid al-Falih said on Wednesday that Opec and allies outside of the cartel including Russia would stick with the cuts policy throughout 2018 and “if we err on the side of overbalancing then so be it”. He was speaking to reporters after a meeting of oil ministers and experts in Riyadh.
Mr Falih said it was “premature” to discuss an exit from the production deal that got underway in January 2017 and which has been extended until the end of 2018."
'via Blog this'
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