Saudi's Falih: world needs 1 mln bpd extra oil supply

Saudi's Falih: world needs 1 mln bpd extra oil supply

The world faces a large oil supply deficit in the second half of 2018 and hence releasing additional supplies of around 1 million barrels per day is required to prevent a market squeeze, Saudi Energy Minister Khalid al-Falih said.

Al-Falih said that he was "optimistic" OPEC could reach a consensus on production policy this week, adding that there was a "spirit of co-operation" among the Middle East-dominated group, CNBC reported.

According to the minister, consumers would soon demand more oil in the second half of 2018, so OPEC would need to discuss how to raise production by around 1 million bpd in order to bring compliance back to normal levels.

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