Saudi Oil Minister Hints At Post OPEC Deal Strategy

5 Dec 2017   OPEC

OPEC and Russia-led non-OPEC oil producers left any ‘exit strategy’ talk out of their agreement to extend the production cut pact through the end of 2018 last week, and now Saudi Arabia’s Energy Minister Khalid al-Falih fed the market some hints about what OPEC would do after the cuts. Unless sudden oil market developments occur, OPEC is expected to continue sticking to the production cuts until the end of next year, and “we will not alter our course in the second half of the year,” al-Falih said at a news conference in Riyadh on Monday. “However, we think that the outlook for when we will hit the balanced market will be clearer in June, and we will start thinking of what do we do in 2019,” the most powerful oil minister at OPEC said, as carried by Reuters. “The intent is not overnight to open the taps and flood […]

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