Thursday, 17 October , 2019     |     950      |      +      |     

Khaled al-Fadhel: Too early to discuss possible buildup in oil inventories

Khaled al-Fadhel: Too early to discuss possible buildup in oil inventories : Google
  • Government

Kuwait’s oil minister said that it was too early to discuss a possible buildup in oil inventories in 2020, adding that any talks about a deeper cut in production by OPEC and its allies were “up in the air”.

“Oil inventories buildup (in 2020) is not something that we have to talk about right now because it’s still an assumption,” Khaled al-Fadhel told reporters.


“As of now… we are just thinking about how we can maneuver through the inventory buildup, if it happens,” he said.

He added that the OPEC+ committee, known as the JMMC, will continue to monitor the oil market to see whether there was a need for a deeper cut or continue at current levels but added that any decision has to be taken by all members.

The minister said that there was a strong agreement between OPEC and non-OPEC producers to balance the market and that would continue.

A price of $50-70 per barrel would be an acceptable range, al-Fadhel said, adding that oil demand continues to grow and more stability in prices is desired as low prices impact oil investments.

OPEC and allies meet next in December to decide on output policy for 2020.

Kuwait Today Business Subscription

Keywords:
Category: #Government | 2019/10/17 latest update at 7:31 AM
Source : Reuters | Photocredit : Google
951
Comments Add comment

Latest Comments


  
  LinkedIn Gulf Media

Sponsored Publications


Related Articles

The editorial staff of Kuwait Media would like to give all of its readers from Gulf and Kuwait and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Kuwait Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Kuwait, the Gulf and the world.


Latest searches in Kuwait Today