Kuwait oil minister sees balanced oil market towards end of 2019
Khaled al-Fadhel says there are still uncertainties around oil demand growth due to concerns about the US-China trade dispute
Dubai — The oil market is expected to be in balance towards the end of 2019, as global inventories fall and demand remains strong, but the Organisation for Oil-Exporting Countries’s (Opec’s job) is not done yet, Kuwait oil minister Khaled al-Fadhel says. There are still uncertainties around oil demand growth due to concerns about the effects of the US-China trade dispute on the global economy, while US shale oil production is still rising, he said on Monday. This uncertain outlook is making it tough for Opec and its allies to have a clear oil supply plan for the second half of the year. Fadhel said it was too early to say now if the oil producers will extend their output targets after June. Opec, Russia and other non-Opec producers, known as Opec+, agreed to reduce output by 1.2-million barrels per day (bpd) from January 1 for six months, a deal designed to stop inventories building up and weakening prices. “There is great anxiety in the market today mainly related to supply concer...
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