Oil stocks still rising but Opec to act if needed, says Saudi's Energy Minister

Saudi Arabia's Energy Minister Khalid al-Falih said on Saturday that the Organization of the Petroleum Exporting Countries will be responsive to the oil market's needs, but that he was not sure there is an oil shortage with data, particularly from the United States, still showing inventories building.

"We will be flexible. We are going to do the right thing as we always do," Mr Falih said of any decision at the meeting in June on continuing the reductions.Mr Falih said Opec is guided by two main principles:"One to keep the market in its direction towards balancing and inventories back to normal level. And two to be responsive to market needs. We will strike the right balance I am sure.

Oil contamination also forced Russia to halt flows along the Druzhba pipeline - a key conduit for crude into Eastern Europe and Germany - in April. The suspension, as yet of unclear duration, left refiners scrambling to find supplies.

Indonesia Berita Terbaru, Indonesia Berita utama

Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.

Exclusive: Saudi's Falih says oil stocks still building, but OPEC to act if neededJEDDAH, Saudi Arabia: Saudi Arabia's Energy Minister Khalid al-Falih said on Saturday that OPEC will be responsive to the oil market's needs, but ...
Sumber: ChannelNewsAsia - 🏆 6. / 66 Baca lebih lajut »

EMS Energy executes deal to inject shipyard businessCATALIST-LISTED offshore and marine engineering firm, EMS Energy, on Thursday said it has executed a definitive sale and purchase agreement to acquire a 52.76 per cent stake in Vietnamese shipyard, Nosco Shipyard Joint Stock Company. Read more at The Business Times.
Sumber: BusinessTimes - 🏆 15. / 51 Baca lebih lajut »

Australia: Shares rise on mining, energy stocks; NZ hits record high[SYDNEY] Australian shares rose on Thursday, bolstered by miners and energy stocks as prices of the commodities surged. Read more at The Business Times.
Sumber: BusinessTimes - 🏆 15. / 51 Baca lebih lajut »