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"The stocks are increasing despite the sanctions of Iran and Venezuela and our exports will fall in April," he said.
Energy Minister Khaled al-Faleh said there was an increase in oil stocks despite a decline in production from Iran and Venezuela.
At a press conference in Baku, Al-Faleh said the compliance rate of the OPEC + deal in March would be "greater than 100 percent," adding that Saudi oil production would not continue indefinitely to offset the supply of other producers.
According to Reuters, Al-Falih said that the Kingdom's oil exports in March and April would be less than 7 million barrels a day and that April's exports would be about 100 1,000 barrels a day below March's level.
Saudi Arabia said on Sunday that OPEC's task of rebalancing the oil market had not yet ended, while global stocks remained high despite the severe sanctions imposed by the United States. United to Iran and Venezuela.
Russia, which is cutting oil production with OPEC, also said supply cuts would continue at least until June, when Washington's next moves to cut back on exports of oil. oil to Iran and Venezuela become clearer.
The United States has significantly increased its oil exports in recent months, while sanctions have been imposed on Venezuela and Iran to reduce their deliveries to world markets.
Washington's policies have created a new level of uncertainty for OPEC, while the Organization is struggling to predict the balance between supply and demand in the market world.
"I think the work is yet to come," said Energy Minister Khalid al-Falih. "We are still seeing an increase in stocks and we must stay on track until June."
"We would like to remain ready to continue to monitor supply and demand and to do what we need to do in the second half of the year," he said, as OPEC ministers met in Baku, capital of Azerbaijan, to attend a meeting of the OPEC Joint Monitoring Committee,.
OPEC will meet in April and again in June to define its production policy.
The United States imposed stiff sanctions on Iran, the third largest producer of OPEC, but granted certain exemptions to buyers of Iranian crude until May.
Washington is also seeking to overthrow Venezuelan President Nicolas Maduro and impose sanctions on the country's oil sector.
Russian Minister of Energy Alexander Novak said it was difficult for Moscow and OPEC members to plan because of US sanctions.
He added that they would not get much more information from here their next meeting in April, as Washington would not have announced its further lifting of sanctions against the company. Iran, adding that further negotiations would be needed in May.
Al-Falih: Saudi oil will not continue to compensate indefinitely for supplies of others
Already electronic newspaper
previously
2019-03-18
Energy Minister Khaled al-Faleh said there was an increase in oil stocks despite a decline in production from Iran and Venezuela.
At a press conference in Baku, Al-Faleh said the compliance rate of the OPEC + deal in March would be "greater than 100 percent," adding that Saudi oil production would not continue indefinitely to offset the supply of other producers.
According to Reuters, Al-Falih said that the Kingdom's oil exports in March and April would be less than 7 million barrels a day and that April's exports would be about 100 1,000 barrels a day below March's level.
Saudi Arabia said on Sunday that OPEC's task of rebalancing the oil market had not yet ended, while global stocks remained high despite the severe sanctions imposed by the United States. United to Iran and Venezuela.
Russia, which is cutting oil production with OPEC, also said supply cuts would continue at least until June, when Washington's next moves to cut back on exports of oil. oil to Iran and Venezuela become clearer.
The United States has significantly increased its oil exports in recent months, while sanctions have been imposed on Venezuela and Iran to reduce their deliveries to world markets.
Washington's policies have created a new level of uncertainty for OPEC, while the Organization is struggling to predict the balance between supply and demand in the market world.
"I think the work is yet to come," said Energy Minister Khalid al-Falih. "We are still seeing an increase in stocks and we must stay on track until June."
"We would like to remain ready to continue to monitor supply and demand and to do what we need to do in the second half of the year," he said, as OPEC ministers met in Baku, capital of Azerbaijan, to attend a meeting of the OPEC Joint Monitoring Committee,.
OPEC will meet in April and again in June to define its production policy.
The United States imposed stiff sanctions on Iran, the third largest producer of OPEC, but granted certain exemptions to buyers of Iranian crude until May.
Washington is also seeking to overthrow Venezuelan President Nicolas Maduro and impose sanctions on the country's oil sector.
Russian Minister of Energy Alexander Novak said it was difficult for Moscow and OPEC members to plan because of US sanctions.
He added that they would not get much more information from here their next meeting in April, as Washington would not have announced its further lifting of sanctions against the company. Iran, adding that further negotiations would be needed in May.
March 18, 2019 – 11 Rajab 1440
The time now is 09:17
"The stocks are increasing despite the sanctions of Iran and Venezuela and our exports will fall in April," he said.
Energy Minister Khaled al-Faleh said there was an increase in oil stocks despite a decline in production from Iran and Venezuela.
At a press conference in Baku, Al-Faleh said the compliance rate of the OPEC + deal in March would be "greater than 100 percent," adding that Saudi oil production would not continue indefinitely to offset the supply of other producers.
According to Reuters, Al-Falih said that the Kingdom's oil exports in March and April would be less than 7 million barrels a day and that April's exports would be about 100 1,000 barrels a day below March's level.
Saudi Arabia said on Sunday that OPEC's task of rebalancing the oil market had not yet ended, while global stocks remained high despite the severe sanctions imposed by the United States. United to Iran and Venezuela.
Russia, which is cutting oil production with OPEC, also said supply cuts would continue at least until June, when Washington's next moves to cut back on exports of oil. oil to Iran and Venezuela become clearer.
The United States has significantly increased its oil exports in recent months, while sanctions have been imposed on Venezuela and Iran to reduce their deliveries to world markets.
Washington's policies have created a new level of uncertainty for OPEC, while the Organization is struggling to predict the balance between supply and demand in the market world.
"I think the work is yet to come," said Energy Minister Khalid al-Falih. "We are still seeing an increase in stocks and we must stay on track until June."
"We would like to remain ready to continue to monitor supply and demand and to do what we need to do in the second half of the year," he said, as OPEC ministers met in Baku, capital of Azerbaijan, to attend a meeting of the OPEC Joint Monitoring Committee,.
OPEC will meet in April and again in June to define its production policy.
The United States imposed stiff sanctions on Iran, the third largest producer of OPEC, but granted certain exemptions to buyers of Iranian crude until May.
Washington is also seeking to overthrow Venezuelan President Nicolas Maduro and impose sanctions on the country's oil sector.
Russian Minister of Energy Alexander Novak said it was difficult for Moscow and OPEC members to plan because of US sanctions.
He added that they would not get much more information from here their next meeting in April, as Washington would not have announced its further lifting of sanctions against the company. Iran, adding that further negotiations would be needed in May.
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