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Indian oil minister says Saudi "revisiting" output cut policy: Reuters

Industry

Indias oil minister Dharmendra Pradhan, referring to a discussion with his Saudi counterpart, said that Saudi Arabia and other OPEC producers were "revisiting" their policy of cutting crude oil output

"For the first time, the Saudi oil minister called us and said 'we are revisiting our policy on oil output cuts'," Indian Oil Minister Dharmendra Pradhan said, according to a Reuters report.

According to media reports on Tuesday, the U.S. government has also unofficially asked Saudi Arabia and other OPEC countries to raise oil output.

OPEC and countries such as Russia agreed in 2018 to cut crude oil output to counter oversupply and falling oil prices.

Ministers from OPEC countries are set to disuss the cooperation agreement in Vienna on 22 June.

Oil prices have climbed to mult-year highs on the back of these supply cuts and fears of lower supply from possible U.S. sanctions against Iran.

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Source: SafeStart

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