Saudi oil minister Khalid al-Falih said Sunday China and the U.S. would lead healthy global demand for oil this year, but it would be too early to change Opec+ output policy at the group’s April meeting, Reuters reported.
Most Opec members, along with a number of other producer-nations led by Russia, collectively known as Opec+, will meet in Vienna on April 17-18, with another get together scheduled for June 25-26, Kallanish Energy reports.
On Jan. 1, Opec+ began new crude production cuts totaling 1.2 million barrel per day (Mmbpd) to avoid an oil glut that threatened to soften prices. The group agreed to reduce supply for six months.
OPEC’s share is 800,000 Bpd, to be kept off the world market by 11 members, excluding Iran, Libya and Venezuela, which are exempt from cuts. The baseline for the reduction was in most cases their output last October.
This post appeared first on Kallanish Energy News.