November 28, 2018 / 2:10 PM / 12 days ago

Equinor CEO says oil market well supplied

FILE PHOTO: A view of Equinor's oil platform in Johan Sverdrup oilfield in the North Sea, Norway August 22, 2018. Picture taken August 22, 2018. REUTERS/Nerijus Adomaitis/File Photo

EDINBURGH (Reuters) - Norwegian oil and gas producer Equinor said the energy market was well supplied at the moment and that it expected OPEC to agree a crude output cut that would be enough to have an impact on the balance between supply and demand.

“The market is well supplied at the moment and they (OPEC) see that. It is more likely than not that they might want to reduce production. That is a reasonable assumption,” Chief Executive Eldar Saetre told Reuters.

“They will cut something that will have an impact on the market,” he said on the sidelines of a conference in Edinburgh, adding that the firm was not planning any changes in spending after the decline in the crude oil price.

Reporting by Shadia Nasralla and Ron Bousso; Editing by Edmund Blair

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