Saudi OilMin Al-Falih: No OPEC+ output policy change until June

Reuters reports comments delivered by the Saudi Arabian Energy Minister Khalid Al-Falih after a meeting with Indian oil minister Dharmendra Pradhan in New Delhi on Sunday.

Key Quotes:

Unlikely to change its output policy in April and if required would make adjustments in June.

“We will see what happens by April if there is any unforeseen disruption somewhere else, but barring this I think we will just be kicking the can forward.”

“We will see where the market is by June and adjust appropriately.”

“We will continue to deliver on the OPEC & Non-OPEC commitment for voluntary production adjustments until the global market is re-balanced,” 

Output in April was expected to remain at this month’s level of 9.8 million bpd.

“Aramco is finalizing their April allocations today or tomorrow so we will know more on Monday. But my expectation is that April is going to be pretty much like March.”