Qatar Against Supply Cut Deal Exit

Qatar Energy Minister Mohammed al-Sada said it is premature to discuss an exit strategy from a global oil supply-cutting pact and supports the continuation of the agreement, a Qatar News Agency report on Saturday was cited by Reuters. Only when global oil inventories returned to the five-year average should work begin on an agreement suited to the market conditions, al-Sada said. According to al-Sada, the group should only review its cuts accord once crude stockpiles return to a five-year historical average. The UAE foresees no big changes in OPEC’s policy to result from short-term price fluctuations, UAE Energy Minister Suhail Al Mazrouei said. “We hope the whole dynamic will continue throughout 2018,” Iraq’s al-Luaibi said. “The deal should continue. The market now is stabilizing somehow but it’s not yet stable.” Iraq said repeatedly last year that it should have been exempt from the oil cuts as it worked to rebuild its war-torn economy.