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OPEC's in no hurry on supply cut decision

OPEC on Monday said it will not meet in April as planned and will "decide instead whether to extend output cuts in June, once the market has assessed the impact of U.S. sanctions on Iran and the crisis in Venezuela," Reuters reports from Azerbaijan.

Why it matters: The momentum against a nearer-term decision is a nod to the moving pieces in the markets, emerging reports from the meeting suggest.

  • Via S&P Global Platts, Saudi Energy Minister Khalid al-Falih said: "Inventories in the OECD and the US continue to fluctuate. ... Our goal is to bring global inventories down to normal levels. We need to proactively protect against a glut building in the weeks and months to come."