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No Opec decision yet on oil cuts: Saudi energy minister

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The Organization of the Petroleum Exporting Countries (Opec) hasn't made a decision yet on whether to extend or modify its agreement to cut oil output, Saudi Arabia Energy Minister Abdulaziz bin Salman said.

[RIYADH] The Organization of the Petroleum Exporting Countries (Opec) hasn't made a decision yet on whether to extend or modify its agreement to cut oil output, Saudi Arabia Energy Minister Abdulaziz bin Salman said.

Opec and its allies have not run out of ideas, he told reporters in Riyadh. The coalition known as Opec+ is to meet next week in Vienna to assess its global cuts and output policy.

Prince Abdulaziz said he's confident in Opec's partnership with other producers including Russia. Crude rose, with benchmark Brent gaining as much as 53 US cents a barrel, or 1 per cent. The contract was at U$56.76 a barrel at 6.49am in London.

Global oil demand will drop this quarter for the first time in over a decade as the outbreak of the coronavirus batters China's economy, creating a significant supply surplus, according to the International Energy Agency. Russia hasn't said whether it will support an Opec+ proposal for deeper production cuts of 600,000 barrels a day.

BLOOMBERG