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OPEC+. the alliance currently undertaking production cuts to rebalance the oil markets. will `stay the course“ on restricting output as supply continued to remain high. according to Saudi Arabia’s energy minister.
`Inventories are rising. and there’s a need to stay the course.“ Khalid Al Falih told reporters at the joint ministerial monitoring committee meeting in Baku. Azerbaijan on Monday.
Saudi-led OPEC and producers outside the group led by Russia vowed to slash output by 1.2 million barrels per day for six months starting January. The measure was a reaction to the dramatic decline in oil prices. which peaked to a three-year high of $86.29 in October only to fall to 30 per cent of the value the following month. Brent was trading up 0.22 per cent to $67.3 at 11 am UAE time.
Rising supply from the US. which pumped 12 million bpd in February. has led to a build-up in global inventory levels for crude.
However. Mr Al Falih declined to specify whether the alliance would extend the production curbs through to the end of the year.
`We need to reconsider the need for an April meeting. April is too soon to consider a cut extension.“ he told reporters.
OPEC+ is scheduled to meet in the Austrian capital of Vienna in April for an extraordinary general meeting.
