According to Russia’s International News Agency (RIA), Saudi Arabia’s Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih, argued that there was currently no need to take additional on oil markets because of the situation in Venezuela.
Key quotes (via Reuters)
- Have not discussed the situation in Venezuela with OPEC colleagues.
- Hope OPEC deal will be more than fully carried out, the situation to be reassessed in March – April.
- Output cuts to affect the markets over the next few weeks.
- Oil demand to pick up near to end of Q1 and into Q2.
- Hopes more producers join to keep oil market in balance.
- Saudi oil production to drop below 10.2mln b/d in February.
- Oil output to be well below voluntary cap.
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