To balance the market, Opec will cut oil production if needed
As oil inventories grow globally, the oil cartel will meet in December to decide if curtailing supply is required
Abu Dhabi — Oil cartel Opec and allied oil producers will cut or adjust production as needed to balance the market, the group’s president, United Arab Emirates energy minister Suhail al-Mazrouei, said on Wednesday. If the so-called Opec-plus needs to reduce output, it will do so, he said in a Bloomberg TV interview in Abu Dhabi. The producers will take whatever steps are necessary to keep the market stable and keep crude inventory levels where they are, al-Mazrouei said. Oil production is above expectations, and Opec-plus needs to change its strategy, he said. “We have cut in the past to reach the market balance, and if we need to cut production to keep the market balanced, we will. The group will reach consensus on whatever is required to adjust the market.” Oil has barely recovered from a record 12-day decline as investors fled a market battered by swelling supplies and a darkening demand outlook. Futures in New York were 0.8% higher at 7.33am local time after plunging 7.1% in the...
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