OPEC-led cuts should rebalance oil market in Q1

The deal led by the Organisation of Petroleum Exporting Countries to cut 1.2 million barrels per day from the start of this month should bring balance back to the oil market in the first quarter of 2019, the UAE’s Energy Minister, Suhail al-Mazrouei, has said. The minister said last month that OPEC and non-OPEC producers would consider “deeper cuts” if the reduction wasn’t enough to restore balance, S&P Global Platts reported. The monthly increase in crude stocks, at 46.4 million barrels, was the largest since March 2015 and reflected steep falls in refining in the US and Japan, higher North American crude output, and steady crude imports in Japan and South Korea. Stock levels have served as an important guide for OPEC in its quest to bring about market balancing. PUNCH Read More :