Saudis See Oil Output Cuts Easing in 2019
- Producers remain committed to re-balancing market: Al-Falih
- OPEC, allies working on framework to help prevent instability
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OPEC and its allies including Russia may next year ease the crude-output curbs that have helped prices recover from the worst crash in a generation, according to Saudi Arabia’s oil minister.
With the market moving toward equilibrium and bloated inventories shrinking, the next step for global producers will be to phase out the reductions, Khalid Al-Falih told reporters in New Delhi on Saturday. The nations taking part in the supply curbs are currently studying what a crude re-balancing will entail, and will announce their next steps once that’s analyzed, he said.