January 24, 2018 / 6:27 PM / a month ago

Saudi Falih says exit from oil cuts to be gradual and smooth

DAVOS, Switzerland (Reuters) - OPEC and its non-OPEC allies will exit from oil production cuts very gradually and smoothly in order not to shock markets in the early part of 2019, when demand will seasonally slow, the Saudi energy minister said on Wednesday.

Khalid al-Falih said it was very unlikely cuts could be exited in June when OPEC meets next time and added that he believed they could be just adjusted at some point.

He also said OPEC could change the level of stocks it was targeting by its output reductions.

Reporting by Dmitry Zhdannikov, editing by David Evans

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