Saudi OilMin Al-Falih: Premature to say OPEC+ has consensus to extend cuts

Saudi Energy Minister Khalid Al-Falih was on the wires last minutes, via Reuters, noting that Saudi Arabia is unlikely to need more production cuts.

Additional Comments:

“Premature to say OPEC+ has consensus to extend cuts.

We are getting to a stage of stabilized oil inventories but we still need to bring them down.

OPEC+ JMMC May meeting will be key in deciding whether to extend cuts.

The oil market is on its way to balance.

Oil market moving in the right direction.

Oil demand flattening in OECD countries.

Oil demand continues to grow in the US.”