Al-Falih: S. Arabia Not Under US Pressure On Supply Cuts

Khalid al-Falih,Saudi Arabia's Energy Minister, denied the reports that his country is under pressure from the US to refrain from further production cuts. Speaking at the Joint OPEC and non-OPEC Ministerial Monitoring Committee meeting in Baku, Al-Falih stated that the cartel would stick to its planned cuts as long as inventories keep rising.

In December, the 24-nation coalition agreed to cut oil production by 1.2 million barrels per day following a two-day meeting in Vienna. Under the agreement, OPEC will reduce its output by 800 thousand barrels per day, while Russia and allied producers will take a further 400 thousand barrels per day off the market. US President Donald Trump urged the group to relax cuts due to rising crude prices multiple times. - Istanbul