Opec and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia’s energy minister has said.
Saudi Arabia spearheaded a deal on Friday with Russia and the other so-called Opec+ oil producers to deepen output cuts through the first quarter of 2020. Brent futures settled 1.6 per cent higher at $64.38 per barrel on Friday.
Saudi energy minister Prince Abdulaziz bin Salman said he expected Opec+ producers to continue cooperating beyond March. “The jury is still out where will we be in March,” he said regarding the level of supply the market will need then.
