Saudi’s Falih says oil agreements with Russia helping market stability

Agreements reached between Russia and Saudi Arabia on global oil supply have helped oil markets to stabilize, Saudi Energy Minister Khalid al-Falih said on Thursday. The two countries, the world’s biggest producers of crude, helped secure a deal between OPEC and rivals including Russia to cut supplies until the end of March 2018 in an effort to reduce a price-sapping glut. Falih, whose country is the de facto leader of the 14-member Organization of the Petroleum Exporting Countries, also said he welcomed the contribution of U.S. shale oil supplies as global demand for crude was on the rise. Sponsored “Shale coming in and happening again in 2018 doesn’t bother me at all. The market can absorb it,” Falih said, speaking alongside Russian Energy Minister Alexander Novak as part of a panel discussion at an energy forum in Moscow. The comments came a day after Russian President […]

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