No pressure from U.S. to increase supply - Saudi

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Khalid al-Falih, Saudi Energy Minister

Khalid al-Falih, Saudi Energy Minister

OPEC and its non-OPEC partners need to reconsider if there is a need for a meeting in April, the Saudi Energy Minister said on Monday, adding that there was no pressure from the United States to increase supply.

“We are not under pressure except by the market,” Khalid al-Falih told reporters in Baku, the capital of Azerbaijan, adding that there was no need to change output policy until June.

As long as inventory levels are rising, policy will remain the same and the cartel will not change course until there is a decline in inventory, he added.

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Inventory levels and oil investments are the main factors guiding the group’s action, Khalid al-Falih told reporters in Baku.

Oil industry estimates show that 11 trillion dollars in investments will be needed over the coming two decades to meet demand growth, he said. (NAN)