Saudi oil minister reaffirms OPEC output squeeze
Saudi Energy Minister Khaled al-Faleh
Riyadh - Egypt Today
Saudi Energy Minister Khaled al-Faleh said Monday that oil producing nations could start discussing in June when to raise output, though OPEC is expected to maintain curbs until it clears a global glut.
OPEC and its partners agreed last week to keep a lid on output for all of 2018, a strategy that aims to reduce a global excess in supply that has pushed oil prices lower and left a huge hole in the finances of producer nations.
"We will not alter our course in the second half of the year," Faleh told reporters in Riyadh after a meeting with US Energy Secretary Rick Perry.
"However, the outlook for when we will hit the balanced market will be clearer in June and we will start thinking of what to do in 2019.
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