Saudi EnergyMin: OPEC not planning to open taps and flood market
The Saudi Arabian Energy Minister Al-Falih is reportedly saying, via Bloomberg, oil inventories won’t grow much in the next four months.
Al-Falih added the OPEC is not planning to open the taps and flood the market.
Doesn't think OPEC will alter course in H2 2018.
Oil producers have plenty of crude supply to respond in case of sudden disruptions.
Some of the 1.8m bpd cut won't return, it's involuntary.
OPEC won't let go until the market has become balanced.
Will have a clearer idea on a balanced market by June.
US shale oil output expected to grow amid OPEC cuts.