Saudi to cut December oil output by 500,000 bpd: Al-Failh

OPEC+ may decide on any output cuts only if a persistent glut emerges, Saudi Arabia's Energy Minister Khalid Al-Falih said on Sunday.​

"It was too early to talk about output cuts. Ideally, we don't like cutting oil output but we will only cut if persistent glut emerges," the minister told reporters in Abu Dhabi ahead of the 11th Joint Ministerial Monitoring Committee meeting.

The group may make recommendations but no decision is likely at the meeting, he added.​

According to Al-Falih, Saudi Aramco will reduce its December allocations to customers by about 500,000 barrels per day (bpd) compared to November.

The Kingdom has been pumping 10.7 million bpd since October, the minister said.

Meanwhile, Russian Energy Minister Alexander Novak told Reuters that the market might face a certain seasonal oversupply in the next few months, but by mid-2019 it should be balanced, and demand may even exceed supply.

Last month, the Joint Ministerial Monitoring Committee (JMMC) said that concerns over rising inventories and looming macroeconomic uncertainties might require OPEC and non-OPEC countries, who have participated in voluntary production cuts since late 2016, to change course.