Opec holds off on oil output decision

Saudi Arabia’s energy minister Khalid al-Falih has recommended “gently” driving oil inventories down at a time of plentiful global supplies, saying that Opec would not make hasty decisions about output ahead of its June meeting.

“Overall, the market is in a delicate situation,” Mr Falih said before a ministerial panel meeting of top Opec and non-Opec oil producers, including Saudi Arabia and Russia.