Saudi EnergyMin: It is too early to talk about a disagreement, wait for OPEC meeting

Speaking at the Gulf Petrochemicals & Chemicals Association Annual Forum in Dubai late on Tuesday, the Saudi Arabian Energy Minister Al-Falih hinted that there as difficulties ahead at the meeting of the OPEC in Vienna on Thursday.

The Energy Minister refrained from commenting on a potential OPEC output cuts extension, urging the reporters to wait for the results of this week’s OPEC meeting.

 Key Quotes:

“I haven’t reached Vienna. It is too early to talk about a disagreement, but… according to studies, there are differences over the amount of time we need to reach normal levels of stocks.”

“The only solution is to wait until we reach Vienna and hear the committee that will be convened tomorrow for surveillance and headed by the Kuwaiti and Russian oil ministers. We will hear everyone and reach a solution that is agreeable to both producer and consumer markets.”