Saudi Arabia, Kuwait and the United Arab Emirates delivered all of the supply curbs they pledged to prevent a global glut.
The logo of the Organisation of the Petroleum Exporting Countries is seen inside their headquarters in Vienna, Austria, Dec 7, 2018.
Saudi Arabia, Kuwait and the United Arab Emirates delivered all — and in some cases more — of the supply curbs they pledged to try to prevent a global glut. Opec and its allies are embarking on a new round of cuts as record American shale output and fragile fuel demand put downward pressure on crude prices.
Output from the 14 members of the Organisation of Petroleum Exporting Countries fell by 560,000 barrels a day in February to 30.5 million a day, according to a Bloomberg survey of officials, analysts and ship-tracking data. Saudi Arabian Energy Minister Khalid Al-Falih gently rebuffed Trump’s call to ease up on the strategy, saying in Riyadh on Feb 27 that Opec should continue to limit supply into the second half of the year. At about US$66 a barrel, crude prices remain below the levels needed by the kingdom, and most other Opec members, to cover government spending.Nevertheless, about 250,000 barrels of February’s output reduction came from members exempt from the supply accord.
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