‘Opec may extend oil output cuts’
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