Delicate situation of oil price made Saudi Arabia recommended oil producer countries to gently driving oil inventories down. It sees no need to boost production quickly now, with oil at around US$70 a barrel, as it fears a price crash and a build-up in inventories.
Saudi Energy Minister Khalid al-Falih also asked OPEC to not make hasty decisions ahead of its next meeting in late June, to help it reach the best decision on output. While, Russian Energy Minister Alexander Novak said OPEC and non-OPEC oil producers ministerial panel had recommended to monitoring the market, due to uncertainties and the recommendations would be made in June.
He said, the option of easing had been discussed and that the oil supply situation would be clearer in a month, including from countries under sanctions.
Starting January and for the next six months, OPEC, Russia and other non-OPEC producers, an alliance known as OPEC+, has agreed to reduce output by 1.2 million barrels per day (bpd), a deal designed to stop inventories building up and weakening prices.