Saudis signal OPEC may need to extend oil cuts until second half of 2019

Saudi Arabia said on Sunday OPEC’s job in rebalancing the oil market was far from done as global inventories were still rising despite harsh U.S. sanctions on Iran and Venezuela, signalling it may need to expand output cuts into the second half of 2019.

“My assessment is that the job still remains ahead of us … We are still seeing inventory builds … We need to stay the course certainly until June,” Saudi energy minister Khalid al-Falih said on Sunday. Washington is also trying to oust Venezuela’s current President, Nicolas Maduro, and has imposed sanctions on that country’s oil.Russian Energy Minister Alexander Novak said it was hard for Moscow and OPEC to plan due to the U.S. sanctions. He said they would have little additional information by their next meeting in April, given that Washington will not yet have announced its new waivers on Iran and that more talks would be needed in May.

globebusiness Isn’t that thumb symbol a white supremacy sign?

globebusiness Right... convenient chock hold to the oil industry while Venezuela is being beaten down by economical sanctions

globebusiness Cut oil completely. FridaysForFurture

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