Saudi oil minister Khalid al-Falih said on Sunday that China and the U.S. would lead healthy global demand for oil this year but that it would be too early to change OPEC+ output policy at the group's next meeting in April.
OPEC and its allies will meet in Vienna on April 17-18 and another gathering is scheduled for June 25-26.
On Jan. 1, the Organization of the Petroleum Exporting Countries, along with Russia and other non-members — the OPEC+ alliance — began new production cuts to avoid a supply glut that threatened to soften prices.OPEC's share is 800,000 bpd, to be delivered by 11 members — all except Iran, Libya and Venezuela, which are exempt from cuts. The baseline for the reduction was in most cases their output in October 2018.
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