OPEC and its allies would only ease supply curbs and pump more oil once global c...
VIENNA - OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia’s energy minister told Reuters.
“The jury is still out where will we be in March,” he said regarding the level of supply the market will need then. He said the steeper the structure was for later months, the better as it would indicate OPEC+ was doing a good job in destocking. The minister also stressed the need for producers such as Iraq and Nigeria to improve their compliance with promised cuts.
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