OPEC-Non-OPEC States Address US-Chinese Relations - Kazakh Deputy Energy Minister

OPEC-Non-OPEC States Address US-Chinese Relations - Kazakh Deputy Energy Minister

JEDDAH (UrduPoint News / Sputnik - 19th May, 2019) Members of the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel oil producers are discussing current relations between China and the United States because they affect situation in the oil market, Kazakh Deputy Energy Minister Magzum Mirzagaliyev said.

"Relations between the United States and China [are being discussed]. A lot depends on it and, consequently, this is a driver for the current demand and supply [in the oil market]," the deputy minister told reporters in Saudi Arabia's Jeddah, where the meeting of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee is set to take place on Sunday.

According to the deputy minister, the world's oil reserves are not decreasing as quickly as the signatories to the OPEC-Non-OPEC oil cut deal expected them to.

"We thought that the reserves would be decreasing, but at the moment we see them dropping not as quickly as the countries expected. Although the countries that have joined the OPEC-non-OPEC deal are fulfilling their obligations to a large extent," Mirzagaliyev added.