Saudi Arabia's energy minister, Falkh, said Monday that OPEC and non-OPEC partners need to consider whether they need to meet in April, adding that the United States has not pressed for more supplies.
"We are not under pressure except for the market," Falkh told reporters before the Baku meeting of the Joint Ministerial Supervisory Committee (JMMC).
"As long as the stock level is still rising and still far from the normal level, we will continue to guide the market back to equilibrium."
JMMC, which includes Saudi Arabia and Russia, oversees the oil market and the implementation of production cuts.
"We have a consensus that, in any case, we should stick to this line until the end of June."
When asked if he knew whether the U.S. government would extend the exemption when the sanctions exemption for Iranian crude oil buyers expired in May, Falkh said, "We will not change course until we see the impact on consumers'inventories before we see the impact on consumers."
Oil-producing countries are scheduled to hold their next meeting in Vienna in April, but Farih said the meeting may not be held.
"The common view we've heard is that it's too early to make any production decisions in the second half of April," Farih said.
"We may not meet in April," he said, adding that JMMC might make the proposal later Monday.
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