Oil Up as OPEC Says Could Ease Supply Surge

Prices rose as OPEC’s President Sheikh Ahmad al-Fahd al-Sabah of Kuwait said the group could rein in supplies above its formal limits if global oil inventories pile up too quickly.

“If the stockbuild is above the agreed-upon levels, which is the five year average, then this may be the start of reducing the overproduction.”

He said OPEC could decide then to trim supply in excess of official limits, now running close to one million bpd.

Sheikh Ahmad told reporters the cartel would keep pumping nearly flat out at around 30.3 million barrels per day until it meets on June 15.
Reuters