November 19, 2018 / 12:42 PM / a month ago

IEA's Birol: Significant cuts could further tighten oil markets

BRATISLAVA, Nov 19 (Reuters) - Oil supply cuts by key producers could have negative implications for markets, the head of the International Energy Agency said on Monday, adding players and consumers should all “have common sense”.

IEA head Fatih Birol, speaking at a news conference with central European energy ministers in Bratislava, said markets were currently well supplied but spare capacity in Saudi Arabia was thin, and therefore cuts by key players could tighten markets.

The Organization of the Petroleum Exporting Countries, led by Saudi Arabia, is pushing for the group and its partners to reduce output by 1 million to 1.4 million barrels per day to prevent a build-up of unused fuel.

Reporting by Tatiana Jancarikova; Editing by Adrian Croft

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