Saudi Arabia's Energy Minister Khalid al-Falih said on Saturday that he saw...
JEDDAH, Saudi Arabia - Saudi Arabia’s Energy Minister Khalid al-Falih said on Saturday that he saw no oil supply shortage as global oil inventories are still rising, particularly from the United States, but OPEC will be responsive to the oil market’s needs.
“I am not sure there is a supply shortage, but we will look at the analysis. We will definitely be responsive and the market will be supplied,” Falih said, when asked whether an increase in output was on the table due to oil shortage concerns. “We will be flexible. We are going to do the right thing as we always do,” Falih said of any decision at the meeting in June on continuing the reductions.
The United States on the other hand, which is not a member of the OPEC+ but is a close ally of Saudi Arabia, wants the group to boost output to bring oil prices down. U.S. President Donald Trump has called on OPEC and the group’s de facto leader Saudi Arabia to lower oil prices. But U.S. crude inventories rose unexpectedly last week to their highest since September 2017, while gasoline stockpiles decreased more than forecast, the Energy Information Administration said on Wednesday. [EIA/S]
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