The sun sets over crude oil storage tanks at the Juaymah tank farm, operated by Saudi Aramco, in Ras Tanura, Saudi Arabia.
He said the Organisation of the Petroleum Exporting Countries, of which Saudi Arabia is de facto leader, would have more data at its next meeting in late June to help it reach the best decision on output. The energy minister of the United Arab Emirates, Suhail al-Mazrouei, said oil producers were capable of filling any gap in the oil market and that relaxing supply cuts was not “the right decision”.
The United States, which is not a member of OPEC+ but is a close ally of Saudi Arabia, wants the group to boost output to bring oil prices down.
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