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Saudis Open to OPEC Cut Extension

Saudis Open to OPEC Cut ExtensionSaudis Open to OPEC Cut Extension

Saudi Arabian Energy Minister Khalid al-Falih agreed with his Venezuelan and Kazakh counterparts to keep all options open in their push to rebalance the world oil markets, including the possible extension of output cuts beyond next March. Falih agreed in separate talks with ministers in the Kazakh capital Astana that steps taken by OPEC and other major crude producers such as Kazakhstan have contributed to better market stability, according to emailed statements from the Saudi Energy Ministry, Bloomberg reported. Saudi Arabia and Venezuela, both members of the Organization of Petroleum Exporting Countries, agreed to consider prolonging production cuts “beyond the first quarter of 2018, if needed”, the Saudi ministry said in one of the statements. The kingdom and Kazakhstan said such an extension would be considered in due course as market fundamentals may dictate, according to a separate Saudi statement. Falih met with Venezuela’s Eulogio Del Pino on Saturday and with Kazakhstan’s Kanat Bozumbayev on Sunday.

 

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