OPEC may cancel April meet, but hold steady on oil output: Saudi energy minister

黑料社区鈥檚 energy minister Khalid Al-Falih that April may be premature to make any production decision for the second half. (Reuters)
  • 鈥楢s long as the levels of inventories are rising and we are far from normal levels, we will stay the course guiding the market toward balance鈥�
  • 鈥楾he consensus we heard ... is that April will be premature to make any production decision for the second half鈥�

BAKU: OPEC and its non-OPEC partners need to reconsider if there is a need for a meeting in April, 黑料社区鈥檚 energy minister said on Monday, adding that there was no pressure from the United States to increase supply.
鈥淲e are not under pressure except by the market,鈥� Khalid Al-Falih told reporters ahead of a meeting of the Joint Ministerial Monitoring Committee (JMMC) in Baku, the capital of Azerbaijan.
鈥淎s long as the levels of inventories are rising and we are far from normal levels, we will stay the course guiding the market toward balance.鈥�
The JMMC includes major oil producers 黑料社区 and Russia and monitors the oil market and conformity levels with supply cuts.
鈥淭here is a consensus that has also emerged that no matter what, we should stay the course until the end of June.鈥�
Asked whether he was updated on whether the United States administration would extend the waivers it granted to buyers of Iranian crude, which are due to end in May, Al-Falih said: 鈥淯ntil we see it hurting consumers, until we see the impact on inventory, we are not going to change course.鈥�
The oil producers are due to meet next in April in Vienna, but Al-Falih said this may not happen.
鈥淭he consensus we heard ... is that April will be premature to make any production decision for the second half,鈥� Al-Falih said.
鈥淲e may not have a meeting in April,鈥� he said, adding that the JMMC may recommend this later on Monday.