Saudi's minister says oil stocks still building, but OPEC to act if needed

May 18, 2019 3:17 PMJEDDAH: Saudi Arabia’s Energy Minister Khalid al-Falih said on Saturday that OPEC 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,” Falih said of any decision at the meeting in June on continuing the reductions. US President Donald Trump has called on OPEC and the group’s de facto leader, Saudi Arabia, and asked them to lower oil prices. Riyadh, however, is reluctant to boost supply quickly and risk a price crash.

“I am not sure there is a supply shortage, but we will look at the analysis. We will definitely be responsive, and the market will be supplied,” Falih said.

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