Riyadh indica­tes OPEC+ will contin­ue managi­ng global crude suppli­es to avoid surplu­sLONDON: Oil prices edged higher on Monday after reassurances from top oil exporter Saudi Arabia offered some respite from last week’s heavy losses as deepening US trade wars fanned fears of a global economic slowdown. Saudi Arabia, the de-facto leader of the Organisation of the Petroleum Exporting Countries (OPEC), indicated that the group of oil producers together with Russia would continue managing global crude supplies to avoid a surplus. Fears over trade intensified when US President Donald Trump announced punitive tariffs against Mexico, a major oil supplier to the United States. Saudi Arabia pumped 9.65 million barrels of oil per day (bpd) in May, a deeper cut than its production target under the global pact to reduce oil supply, a Saudi oil industry source said on Monday. The Saudi output target under the OPEC-led pact is 10.3 million bpd.

Source: The Express Tribune June 03, 2019 13:07 UTC