Saudi oil minister says OPEC+ commitment to reducing inventories remain unchanged

Comments by Saudi oil minister, Khalid Al-Falih

  • Venezuela, Iran sanctions waivers have an impact on markets
  • OPEC+ to hold ‘key meeting’ in May
  • Premature to say that OPEC+ has consensus to extend output cuts
As the April meeting has been cancelled, OPEC+ will be hosting its next JMMC meeting in May and will be discussing on whether or not to extend output cuts beyond the summer. With Russia only having one foot in the circle, I wouldn’t be surprised if they do reach a deal to extend said cuts until the end of the year.
Oil remains buoyed on the day, with Brent rising comfortably above the $70 handle at the moment following tensions seen in Libya.