Riyadh – Mubasher: Saudi Arabia’s energy minister Khalid Al Falih and his UAE counterpart Suhail Al Mazroui on Monday agreed on considering the extension of oil supply cuts beyond March 2018 depending on market fundamentals.
During their meeting in Astana, Al Falih and Al Mazroui discussed oil market dynamics and "expressed satisfaction with improving market fundamentals," Reuters reported citing a statement by the Saudi energy ministry.
Abu Dhabi National Oil Company (ADNOC) has cut crude allocations by 10% in September and October, Al Mazroui announced.
"The company will be notifying its customers and the market, on a monthly basis, of the actual changes to its lifting schedule," the UAE minister added in the statement.
Earlier, OPEC members had agreed on extending the production cut for nine months to end in March 2018.