OPEC Must Dig Deeper to Trim Stockpiles: Oil Strategy - Bloomberg

OPEC Must Dig Deeper to Trim Stockpiles: Oil Strategy - Bloomberg:

OPEC members have done just about enough to bring oil production into line with the world’s need for their crude in 2019, but they will have to keep the restraint going throughout the year, just to prevent stockpiles from rising. To drain them further, as Saudi Energy Minister Khalid Al-Falih believes they must, they still need to do more.

A committee of the most influential members in the 24-nation alliance of OPEC and non-OPEC countries met in the Azerbaijani capital, Baku, on Sunday and Monday and agreed to go beyond their pledged 1.2 million barrels a day of supply curbs in the coming months. The latest forecasts from supply-and-demand studies of the oil industry’s most-watched organizations—the International Energy Agency,  the U.S. Energy Information Administration, and the Organization of Petroleum Exporting Countries itself—show that they will need to do just that.