IEA says new cuts by Saudi Arabia and others unlikely to balance oil market

Published 14/05/2020, 09:51
© Reuters.

LONDON, May 14 (Reuters) - International Energy Agency (IEA)
Executive Director Fatih Birol said on Thursday that recently
announced oil output cuts by major Gulf Arab producers would
likely not be enough to balance global markets as coronavirus
lockdowns hollow out demand.
"I am happy to see Saudi Arabia, the Emirates and Kuwait -
on top of their existing commitments - are now going to make
further cuts. I do welcome them, whether or not this is enough,
I do not think so," Birol told reporters on a conference call
after energy watchdog IEA released its monthly report.
"We are seeing the early signs of a start of recovery, but
it is far too early to say we are soon going to reach the
rebalancing of the markets, we are just in the beginning of that
process."



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