OPEC Ministers Say the Market Might Need More Oil Cuts
- In principle, OPEC needs to pare output in second half: Iran
- Producers’ compliance with supply cuts has been good: Qatar
Oil Declines on Projected U.S. Crude Stockpiles
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OPEC and other major crude-producing nations may need to extend output cuts into the second half of the year to re-balance the market, oil ministers for Iran and fellow group member Qatar said.
Global oil supplies have decreased as the Organization of Petroleum Exporting Countries and producers outside the group comply with a six-month deal to curb output that took effect on Jan. 1, Qatar’s Energy Minister Mohammed Al Sada said Wednesday at a news briefing in Doha. “It’s too early to make a judgement,” he said, adding that markets may re-balance in the third quarter.