Saudi Arabia's energy minister said on Sunday he recommended driving oil in...
JEDDAH, Saudi Arabia - Saudi Arabia’s energy minister said on Sunday he recommended driving oil inventories down and that global oil supplies were plentiful.
He said the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is de facto leader, would have more data at its next meeting in late June to help it reach the best decision on output. The energy minister of the United Arab Emirates, Suhail al-Mazrouei, said oil producers were capable of filling any gap in the oil market and that relaxing supply cuts was not “the right decision”.
The United States, which is not a member of OPEC+ but is a close ally of Saudi Arabia, wants the group to boost output to bring oil prices down.
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