April 19, 2019 / 8:56 AM / 3 months ago

Oil market likely to be well balanced in 2019, says Saudi energy adviser

FILE PHOTO: A worker collects a crude oil sample at an oil well operated by Venezuela's state oil company PDVSA in Morichal, Venezuela, July 28, 2011. REUTERS/Carlos Garcia Rawlins/File Photo

PARIS (Reuters) - Ibrahim al-Muhanna, an adviser to the Saudi energy minister, said on Friday he expected the oil market to be “well balanced” this year.

“This year, we have seen the implementation of the OPEC Plus decision. It is possible to extend the cut until the end of the year depending on market conditions,” al-Muhanna told an oil summit in Paris.

The OPEC+ group agreed last year to cut production, partly in response to increased U.S. shale output.

Reporting by Bate Felix; Writing by Richard Lough; Editing by Mark Potter

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