Saudi oil minister Khalid al-Falih said on Sunday it would be too early to chang...
NEW DELHI - Saudi oil minister Khalid al-Falih said on Sunday it would be too early to change OPEC+ output policy at the group’s meeting in April and that China and the U.S. would lead healthy global demand for oil this year.
Falih said the group was unlikely to change its output policy in April and if required would make adjustments in June. OPEC member United Arab Emirates said on Sunday it would continue to meet its obligations to cut supply under the producer agreement. Sources recently said the most likely scenario is that the current supply cuts will be extended in June but much depends on the extent of U.S. sanctions on OPEC members Iran and Venezuela.
“Aramco is finalizing their April allocations today or tomorrow so we will know more on Monday. But my expectation is that April is going to be pretty much like March”.Falih said total global oil demand is set to grow by around 1.5 million bpd this year. Falih said Chinese demand was breaking records month after month and estimated the country would breach 11 million bpd this year.
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