Opec, allies’ job not done as oil inventory rising: Al Mazrouei

Bloomberg

Efforts by Opec and its allies to balance the global supply and demand of oil aren’t complete because crude inventories continue to rise, according to United Arab Emirates Oil Minister Suhail Mohammed Al Mazrouei.
“The job is not complete,” Al Mazrouei told reporters in the Saudi Arabian city of Jeddah. “We are still seeing some inventory buildup and we need to attend to it.”
While US President Donald Trump’s squeeze on Iran’s oil exports threatens to cause a shortage, the producers are wary of opening the taps too soon. Global supplies are also strained by a crisis over contaminated Russian crude and simmering geopolitical tensions from Venezuela to Libya.
The Organization of Petroleum Exporting Countries will fill any supply gaps that may emerge from tighter sanctions on Iran, Al Mazrouei said. “If there is a need to attend to any shortage in the market we will do it, but we don’t see that.”
Oman’s oil minister, Mohammed Al Rumhi, said the producers will stick to their policy of limiting production as “there is no need to take any action.” Saudi Arabia’s Energy Minister Khalid Al-Falih said
in an interview with Reuters that Opec will respond to the oil market’s needs despite
uncertainty about whether there is an oil shortage, particularly given the United States’ building inventories.