S. Arabia Interested in OPEC, Non-OPEC Dialogue

S. Arabia Interested in OPEC, Non-OPEC DialogueS. Arabia Interested in OPEC, Non-OPEC Dialogue

Saudi Arabia is interested in the continuation of the dialogue between the Organization of Petroleum Exporting Countries and non-OPEC producers to stabilize the crude market, Saudi Energy Minister Khalid al-Falih said Wednesday. "We are interested in the continuation of the OPEC and non-OPEC dialogue to stabilize the oil market. Stabilization of oil prices is necessary not only for exporters, but for all participants of the market," Falih said in a meeting with his Azerbaijani counterpart on Wednesday, Sputnik reported. OPEC members reached an agreement in Vienna last year to reduce output by 1.2 million barrels daily, effective in the first half of 2017, with Saudi Arabia to shoulder nearly 40% of the burden. 13 non-members including Russia vowed to extend cuts by an additional 558,000 barrels per day to ease a global glut. OPEC meets on May 25 to consider extending the cuts beyond June. According to reports, Saudi Arabia, Kuwait and most other OPEC members are leaning towards extension if agreement is reached with other producers.

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