Saudi Arabia Seeks to Balance Global Crude Markets Before 2020
- The Kingdom’s Energy Minister Khalid Al-Falih spoke in Japan
- Crude supplies set to swamp demand, squeeze OPEC in 2020: IEA
A control valve on pipework beside a storage tank at an oil delivery point.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Saudi Arabia is working to balance global oil markets this year, the country’s energy minister said when asked if there’s an impending surplus.
The comments come a day after the International Energy Agency forecast global supplies will expand far more than demand next year, putting further pressure on OPEC. Saudi Arabia and its allies, including Russia, are expected to extend output cuts into the second half of this year, despite growing tension within the group and gridlock over its next meeting date.