OPEC sends conflicting signal on need for deeper cut

CAIRO (Reuters) –
OPEC ministers sent conflicting signals on Saturday on whether the group needed to reduce oil production further to bring markets back into equilibrium.

Libya’s top energy official said markets seemed to be nearing a balance and he did not feel there was a need for OPEC to add to the 1.2 million barrel per day cuts agreed in October.

“For me, it doesn’t look at this moment that a cut is necessary, but we have to see,” Shokri Ghanem told reporters.

But influential Saudi Oil Minister Ali al-Naimi reiterated the market was out of balance because of high fuel stockpiles and that 100 million barrels needed to be removed.

Reuters