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Faisal Al Nasser | Reuters
Saudi Energy Minister Khalid al-Falih, addresses the media at a presentation by Saudi government ministers in Riyadh, Saudi Arabia, on December 19, 2018.
Saudi Oil Minister Khalid al-Falih said on Sunday that China and the United States would lead the world's healthy oil demand this year, but that it would be too early to change the oil production policy. OPEC + at the next meeting of the group in April.
OPEC and its allies will meet in Vienna on 17 and 18 April and another rally is scheduled for 25 and 26 June.
January 1, the Organization of Petroleum Exporting Countries, Russia and other non-members – the OPEC + alliance – began to reduce their production to avoid an overabundance of supply which threatened to lower prices.
The group agreed to reduce the supply of 1.2 million barrels a day for six months.
OPEC's share is 800,000 barrels a day and is to be delivered to eleven members, with the exception of Iran, Libya and Venezuela, which are exempted from the cuts. The baseline for the reduction was in most cases their production in October 2018.
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