Saudis Hold Firm on Oil Output Cuts After Trump Says `Relax' - Bloomberg:
Saudi Arabia is leaning toward extending OPEC cuts into the second half of 2019, potentially pitting the group against U.S. President Donald Trump’s demand to keep prices down.
Oil inventories in the U.S. are “brimming,” and reducing that glut remains the main goal for the group, Saudi Arabian Energy Minister Khalid Al-Falih said in Riyadh. The kingdom plans further curbs to output in March, he said.
Trump has renewed his pressure on OPEC and its allies, a coalition referred to as OPEC+, after they started a new round of production cuts last month. The group’s supply reduction, plus U.S. sanctions on Venezuela and Iran, have contributed to a crude-price rally of more than 20 percent this year.
No comments:
Post a Comment