Saudi Arabia’s voluntary oil production cut is set to help the oil market navigate through seasonally low oil demand during the first quarter, OPEC’s secretary general told an industry event.
Saudi Arabia, the defacto leader of the Organization of the Petroleum Exporting Countries (OPEC), surprised the market earlier this month when it pledged to cut production by a further 1 million barrels per day in February and March.
Mohammad Barkindo, who spoke to the Gulf Intelligence online forum, said oil inventories globally - in both OECD and non-OECD countries- are “very high”.
