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Saudi Arabia`s Minister of Energy Prince Abdulaziz bin Salman Al-Saud said all options are open at an OPEC+ meeting in early March. including further cuts in oil production. Al Arabiya television reported.
But he added that it was too early to make a call on the need for more cuts.
`I can`t judge now if the market needs additional cuts because I haven`t seen the balances for January and February.` he said.
He said that when OPEC and its allies led by Russia convene for an emergency meeting in March. the grouping will study where the market is and `objectively decide` if more cuts are needed.
OPEC+ agreed in December to widen their supply cuts by 500.000 barrels per day (bbl d) to 1.7 million bbl d until the end of March.
Prince Abdulaziz said the aim of OPEC+ was to reduce the size of the seasonal inventory build that takes place in the first half of the year.
OPEC+ is due to meet in Vienna on March 5 and 6 to set their policy. A ministerial monitoring committee for the deal will meet in Vienna on March 4.
