Saudi oil minister after OPEC+ meeting
The Saudi Energy minister is saying that they will ease voluntary oil cuts of 1M B/D by 250K, 350K and 500K from May to July.
He added that OPEC+ remains cautious. He said that he did not discuss oil markets with US officials and decisions were not influenced by the talks with US officials.
Output levels can still be adjusted at the next meeting. They want to bring oil stocks down to average of 2015 to 2019.
Crude oil has moved marginally to the upside with the May contract trading at $60.32 up $1.16 or 1.95%. That is still off the high price of $60.84, but well off the intraday lows of $58.86.
Meanwhile Russia's Novak is saying global oil stocks are to return to normal in the two – three months. Russia will look to increase production as stocks revert back to normal.
