Major Oil Producers Reach Initial Deal to Extend Output Cuts

21 Apr 2017   OPEC

Saudi minister says producers haven’t met goal for inventories Gulf Arabs agreed; Iran, Venezuela show support: Oman minister A number of major crude-producing countries reached an initial agreement to extend output cuts, Saudi Arabia’s oil minister said Thursday, as persistently high stockpiles weigh on prices. OPEC and other major suppliers have failed, after three months of limiting production, to achieve their target of reducing oil inventories below the five-year historical average, Saudi Arabia’s Khalid Al-Falih said at a conference in Abu Dhabi. The producers pledged to reduce output for six months starting in January. Al-Falih didn’t identify or specify the number of countries in the initial deal for an extension. Khalid Al-Falih, Saudi Arabia’s energy and industry minister. “Although there is a high level of commitment, we haven’t reached our goal, which is to reach the five-year average,” Al-Falih said. “There is an initial agreement that we might be […]

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