OPEC to revise quotas to reduce production

JEDDAH, April 20. /TASS/. OPEC+ in June may produce a new benchmark for transactions on the restriction of the production, told reporters Saudi energy Minister Khaled al-Faleh.

“We have to see how the market rebalances after a season of low demand at the beginning of this year. We need to work on the guide, as I said already,” he said.

“Probably, it will be more than one criterion. We can solve this question in June,” said al-Faleh, noting that while the alternative indicator is not found. Earlier he said that OPEC+ need to continue to cooperate with the more relevant target than the average for the five years the level of commercial stocks of OECD countries, which now account for oversaturated stocks 2014.