Indian Oil Minister Dharmendra Pradhan said on Wednesday Saudi Arabia and other OPEC producers are “revisiting” their output-cutting policy, referring to a discussion he had with his Saudi counterpart.
“For the first time, the Saudi oil minister called us and said ‘we are revisiting our policy on oil output cuts’,” Pradhan said.
This follows news on Tuesday that the U.S. government had unofficially asked Saudi Arabia and some other OPEC producers to raise oil output.
OPEC and non-member producers led by Russia had agreed to curb output by about 1.8 million barrels per day until the end of 2018 to reduce global stocks, but the inventory overhang is now near OPEC’s target. Read More