Petroleum producers may be forced to extend output cut – Al-Falih

Petroleum producers may be forced to extend output cut – Al-Falih
(Photo archive)

By: Amr Adel

Abu Dhabi – Mubasher: Petroleum producing countries would be obliged to extend the output cut deal, the Saudi energy minister said at the 3rd GCC Petroleum Media Forum.

Khalid Al-Falih added that there is a rising consensus concerning the extension of the agreement, but it has not yet been reached.

The minister noted that the news being circulated about the demand on oil reaching its peak are untrue.

On Wednesday and speaking at the same event, the Organization of Petroleum Exporting Countries (OPEC) secretary general Mohammed Barkindo had revealed that oil producing countries showed stronger compliance to the agreement in March compared to February.

OPEC is scheduled to meet in Vienna next month to discuss the outcome of implementing the oil output reduction deal, UAE energy minister Suhail Al Mazroui had said on Wednesday.

OPEC members agreed in November to trim oil production by around 1.2 million barrels per day for a six-month period in what is considered the first of its kind since 2008. The deal commenced on 1 January 2017.

Non-OPEC members, led by Russia, also trimmed their output by 558,000 barrels per day.

Translated by: Sara Ghali

Source: Mubasher Exclusive