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OPEC+ output cuts may be eased on drop in inventories

OPEC+ output cuts may be eased on drop in inventories

Mubasher: OPEC+ output cuts are expected to be eased after global inventories drop and prices reflect a tighter market, Saudi energy minister Prince Abdulaziz bin Salman told Reuters.

Producers of OPEC+ will continue to cooperate after the deadline of the recently set cuts in March 2020, the minister added.

“The jury is still out where will we be in March,” Abdulaziz remarked, quoted by the international news agency.

The minister said that cooperation with Russia will continue, noting that OPEC+ want to be more flexible in dealing with output and market needs.

“I will not take unilateral measures. I would still consult and review... It will be the group versus those who have not performed,” Abdulaziz commented.