IEA: New Cuts by Saudi Arabia and Others Unlikely to Balance Oil Market

Noah Browning and Shadia Nasralla
Thursday, May 14, 2020

International Energy Agency (IEA) Executive Director Fatih Birol said on Thursday that recently announced oil output cuts by major Gulf Arab producers would likely not be enough to balance global markets as coronavirus lockdowns hollow out demand.

"I am happy to see Saudi Arabia, the Emirates and Kuwait - on top of their existing commitments - are now going to make further cuts. I do welcome them, whether or not this is enough, I do not think so," Birol told reporters on a conference call after energy watchdog IEA released its monthly report.

"We are seeing the early signs of a start of recovery, but it is far too early to say we are soon going to reach the rebalancing of the markets, we are just in the beginning of that process."

(Reporting by Noah Browning and Shadia Nasralla; editing by Jason Neely)

Categories: Energy Activity Saudi Arabia Oil Price

Related Stories

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

Woodside Inks Long-Term LNG Supply Deal with China Resources

Marine Masters Secures Wellhead Platforms Installation Job Off India

Eco Wave Finds Partner for Wave Energy Project in India

Japan's Mitsui Eyes Alaska LNG Project

EnQuest to Acquire Harbour Energy's Vietnamese Assets

AI & Offshore Energy: The Higher the Stakes, the More Value AI Creates

Sunda Energy Closing in on Jack-Up Deal for Chuditch-2 Appraisal Well

QatarEnergy Signs Deal with Shell for Long-Term LNG Supply to China

Saipem Gets $1B Job at BP’s Indonesian Gas and CCUS Project

Current News

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Keel Laying for Wind Flyer Trimaran Crew Boat

MODEC Gets Shell’s Gato do Mato FPSO Ops and Maintenance Job

EnerMech Names APAC Regional Chief

CIP Reaches Financial Close for Offshore Wind Farm in Taiwan

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com