OPEC President says oil market fundamentals are still reasonable

Baku. 14 November. REPORT.AZ/ Oil market fundamentals “are still reasonable” and don’t justify the sell-off on Tuesday, OPEC President, United Arab Emirates Energy Minister Suhail Al Mazrouei said, Report informs citing Bloomberg.

OPEC+ isn’t targeting a price but is seeking instead to keep crude inventories in line with their five-year average, he said.

“We have cut in the past to reach the market balance, and if we need to cut production to keep the market balanced, we will,” Al Mazrouei said. “The group will reach consensus on whatever is required to adjust the market.”