Oil producers might have to extend output cuts: Saudi Minister

Saudi Arabia's energy minister said on Thursday that oil-producing countries might have to extend output cuts agreed for the first six months of the year in order to achieve the desired rebalancing of the market.

AFP| Updated: Apr 20, 2017, 13:50 PM IST
Oil producers might have to extend output cuts: Saudi Minister

Abu Dhabi: Saudi Arabia's energy minister said on Thursday that oil-producing countries might have to extend output cuts agreed for the first six months of the year in order to achieve the desired rebalancing of the market.

"We might have to extend in order to reach the target... of stock levels," Khalid al-Falih told an energy forum in Abu Dhabi, referring to a deal between OPEC and non-OPEC producers to cut production by around 1.8 million barrels per day.