Saudis: OPEC May Discuss Deeper Cuts In November

3 Jun 2017   OPEC, Saudi Arabia

OPEC and the non-OPEC producers that are part of the production cut deal may consider deepening the output cuts at the cartel’s next meeting in Vienna in November, Saudi Arabia’s Energy Minister Khalid al-Falih said in an interview with Russia’s TASS news agency on the sidelines of the St. Petersburg International Economic Forum on Friday. “If for whatever reason we need to do more we will consider doing more. I’ve said that before that we will do whatever is necessary, including extensions, including deeper cuts,” TASS quoted al-Falih as saying. The Saudi minister reiterated OPEC’s goal to draw inventories down to the industry’s five-year average. “Let’s monitor how close we are, what the trajectory is, and based on that we will decide,” al-Falih told TASS. Asked about the possibility to deepen the cuts in November, Saudi Arabia’s top oilman said: “Nothing is off the table.” But on the other […]

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