Saudi’s Falih discuss oil supply cuts extension with Venezuela, Kazakhstan

11 Sep 2017   OPEC

Saudi Arabian Energy Minister Khalid al-Falih discussed with his Venezuelan and Kazakh counterparts the possible extension of the global oil supply cut pact beyond March 2018, the Saudi energy ministry said on Sunday. OPEC and other producers, including Russia, have agreed to reduce output by about 1.8 million barrels per day until next March in a bid to reduce global oil inventories and support oil prices. A further extension for at least three more months beyond March is now being discussed before OPEC meets again in November. The deal to curb output propelled crude prices above $58 a barrel in January but they have since slipped back to a $50 to $54 range as the effort to drain global inventories has taken longer than expected. “Both countries agreed that the option to extend the voluntary market rebalancing effort, beyond the first quarter of 2018, would be […]

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