Saudi Arabia runs the show

[dan_s]

RIYADH (Reuters) - OPEC would do better to leave the oil market slightly short of supplies rather than ending too early a deal on cutting output, Saudi Energy Minister Khalid al-Falih said on Wednesday.

https://www.reuters.com/article/us-saud ... SKCN1FY0NB

OPEC Secretary-General Mohammad Barkindo, who was also in Riyadh, said oil demand would grow this year at healthy levels and that data pointed to continued high compliance by producers in January with their pledges under the supply deal.

OPEC has delivered more than 100 percent of the output cuts that members pledged under the deal, according to figures from OPEC and other analysts, helped in part by an involuntary drop in Venezuela, where output is falling amid an economic crisis.

The Saudi ministry also said production by Aramco in March would be 100,000 bpd below February’s level, suggesting Saudi Arabia will continue to pump less than its OPEC target.