Oil market ‘responding positively’ to output cut: OPEC president

Oil market ‘responding positively’ to output cut: OPEC president

Qatar’s energy minister, the current OPEC president, has said that world oil markets were “responding positively” to output cuts implemented by the cartel and some non-cartel producers.

“I think the market is responding positively and you can see the drop in supply,” Mohammed Saleh al-Sada told reporters.

“As you know, what we are after is the rebalancing of the market.”

OPEC and non-OPEC producers led by Russia agreed in December to cut output by nearly 1.8 million barrels per day, initially for six months, starting from the beginning of this year.

Sada said he was happy with the level of compliance with the agreed cuts by individual producers. “The degree of adherence is very high,” he said. Read More…

Credit By : Energy Economics Times

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