Saudi OilMin Al-Falih: “OPEC won’t change course until we see impact of sanctions”

Saudi Arabian Energy Minister Khalid Al-Falih is on the wires now, via Reuters, noting that “we need to reconsider whether there is a need for OPEC+ meeting in April.

Additional Comments:

“We are not under pressure from the US to increase supply.”

“The oil market is oversupplied.”

“As long as the level of inventory is rising we will stay the course.”

“OPEC won’t change course until we see impact of sanctions.”

“We are guided by oil inventory.”

Potential for decision to extend output cuts to be made in June.