Algeria's Energy and Mines Minister Chakib Khelil said on Saturday he expected Opec to wait until its March 16 meeting in Iran for any possible decision on cutting oil output. "We will wait until March (for any output decision)," Khelil told reporters. Khelil said he was not concerned by US oil inventory data on Wednesday, which showed still robust crude oil supplies and higher gasoline stocks.
"There is no reason (to be concerned)," he said.
Oil prices steadied on Friday, ending a three-day losing streak as dealers weighed Opec's threat to cut output against healthy supplies of crude and gasoline in the United States, the world's biggest consumer.
At a meeting last Sunday Opec kept output unchanged but a threat to agree to a fresh production cut by telephone if stockbuilds accelerate or prices collapse has made most traders reluctant to sell the market short, particularly with the cartel ready to defend a much higher floor of $40.
No need now for phone talks: Kuwait
Opec president and Kuwait's energy minister said on Saturday he saw no need now for telephone consultations between Opec members over a possible oil output cut ahead of the cartel's next meeting in March.
"Until now, I don't see any need for any consultations," Sheikh Ahmad al-Fahd al-Sabah told reporters on the sidelines of a sporting event in Kuwait.
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