October 14, 2019 / 8:08 AM / a month ago

Too early to discuss possible buildup in oil inventories - Kuwait oil min

KUWAIT, Oct 14 (Reuters) - Kuwait’s oil minister said on Monday it was too early to discuss a possible buildup in oil inventories in 2020 and that a deeper cut by OPEC and its allies now “is still something up in the air.”

A price of $50-70 per barrel would be acceptable, Khaled al-Fadhel told reporters, adding that oil demand continues to grow and more stability in prices is desired. He added that the OPEC+ committee, known as the JMMC, will continue to monitor the oil market to see whether there was a need for a deeper cut or continue at current levels but added that any decision has to be taken by all members. (Reporting by Rania El Gamal, editing by Louise Heavens)

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