October 14, 2019 / 8:50 AM / 2 months ago

UPDATE 1-Too early to discuss possible buildup in oil inventories - Kuwait's oil min

(Adds quotes, details)

KUWAIT, Oct 14 (Reuters) - Kuwait’s oil minister said that it was too early to discuss a possible buildup in oil inventories in 2020, adding that any talks about a deeper cut in production by OPEC and its allies were “up in the air”.

“Oil inventories buildup (in 2020) is not something that we have to talk about right now because it’s still an assumption,” Khaled al-Fadhel told reporters.

“As of now... we are just thinking about how we can maneuver through the inventory buildup, if it happens,” he said.

He added that the OPEC+ committee, known as the JMMC, will continue to monitor the oil market to see whether there was a need for a deeper cut or continue at current levels but added that any decision has to be taken by all members.

The minister said that there was a strong agreement between OPEC and non-OPEC producers to balance the market and that would continue.

A price of $50-70 per barrel would be an acceptable range, al-Fadhel said, adding that oil demand continues to grow and more stability in prices is desired as low prices impact oil investments.

OPEC and allies meet next in December to decide on output policy for 2020.

Reporting by Rania El Gamal, editing by Louise Heavens

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