Al-Falih: 'Plenty' of global oil supplies left

Sunday, 19. May 2019 19:00

Saudi Arabia's Energy Minister Khalid al-Falih stated on Sunday that there is "plenty" of oil supplies left in the world. Speaking to the reports in Jeddah, the official added that the global crude oil stockpiles continue to increase despite the OPEC+ production cap efforts and Washington's sanctions against Iran and Venezuela.

"None of us wants to see the [oil] stocks swell again. We have to be cautious," warned al-Falih. He added: "I think my recommendation to my colleagues would be to stimulate a gradual decrease in oil reserves and remain on the path of reducing commercial oil reserves to a normal level." Commenting on the recent "terrorist attack" of the two pumping stations on the Aramco pipeline, the minister noted that Saudi oil sector is currently "secure."

Meanwhile, United Arab Emirates Suhail Mohammed Faraj Al Mazroui also said that there is no need to relax the oil output cuts for now.

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