‘Opec may ex­tend oil out­put cuts’

New Straits Times - - Business -

NEW YORK: The Or­gan­i­sa­tion of the Petroleum Ex­port­ing Coun­tries (Opec) and its al­lies may pro­long pro­duc­tion cuts after they ex­pire in June if the world’s crude in­ven­to­ries re­main ex­ces­sive, said Saudi Ara­bia’s En­ergy Min­is­ter.

The curbs would be sus­tained if stock­piles were “still above the five-year av­er­age, if the mar­kets are still not con­fi­dent in the out­look, if we don’t see com­pa­nies and in­vestors feel good about the health of the global oil in­dus­try”, said Khalid Al-Falih in Wash­ing­ton.

“We want to sig­nal to them that we’re go­ing to do what it takes to bring the in­dus­try back to a healthy sit­u­a­tion.”

The Opec will meet on May 25 to de­cide whether to con­tinue its pro­duc­tion cuts, aimed at end­ing a slump that bat­tered the economies of en­ergy ex­porters around the world. Bloomberg

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