Saudi oil minister: Jury still out on where oil market will be in March

Author: Greg Michalowski | Category: News

Saudi oil minister in interview with Reuters

Saudi oil minister in interview with Reuters says:
  • jury still out where oil market will be in March
  • wants to see 2 conditions before raising output - lower global oil inventories and price backwardation
  • wants to see inventories as close as possible to 2010-2014 average levels
  • would not consider pumping more oil unilaterally to punish other producers for not cutting enough
  • committed to continued cooperation with Russia beyond March
  • expects oil output resumption from joint fields with Kuwait very soon, will not impact OPEC cut commitments

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