Minister, Khalid Al-Falih
Oil producers 'might have to' extend output cuts
Saudi energy minister, Khalid Al-Falih
Abu Dhabi - Arab Today
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.
Falih, whose country is the world's largest exporter, said there was a sort of "initial agreement " on the need to extend the deal after talks in Kuwait last month.
He said producers would continue to assess market figures until next month, when ministers are expected to take a final decision at a meeting in Vienna.
OPEC members agreed in November to cut production by 1.2 million barrels per day for six months beginning from the start of the year in a bid to shore up prices.
Some non-cartel producers, led by Russia, joined in December by committing to cut output by 558 million bpd.
Oil prices currently hover just over $50 per barrel after shedding around half of their value since mid-2014.
source: AFP
- Thursday ,03 November GMT 13:37 2016 KSA: World should rely more on renewable sources to meet energy needs
- Tuesday ,02 August GMT 14:37 2016 Vision 2030 targets Kingdom ranking among the world's most competitive economies
GMT 13:37 2016 Thursday ,03 November
KSA: World should rely more on renewable sources to meet energy needsGMT 14:06 2016 Tuesday ,11 October
Russia ready to join OPEC crude production curbsGMT 15:21 2016 Sunday ,14 August
Al-Falih: Saudi oil witnessing high demandGMT 14:53 2016 Tuesday ,02 August
Home finance: Digital media makes it simple, transparentGMT 14:37 2016 Tuesday ,02 August
Vision 2030 targets Kingdom ranking among the world's most competitive economiesRussia tests new telemetry system during manned Soyuz MS-11 spacecraft’s launch
Moscow - TASS
The Astra-06 apparatus developed by specialists of Russian Space Systems (RSS) was used for the first time as additional telemetric equipment aboard the manned Soyuz MS-11 spacecraft launc...Read More
GMT 17:41 2018 Thursday ,06 December
Israeli forces halt construction of school facility in Nablus
GMT 16:18 2018 Tuesday ,16 January
Man United tipped to beat City to Sanchez signing
GMT 10:32 2018 Monday ,08 January
Macedonia PM sees solution to Greece name dispute
GMT 17:09 2017 Friday ,29 December
At least 14 dead in Mumbai fire
GMT 17:21 2016 Saturday ,01 October
11 civilians killed in southern Afghan blast
GMT 20:21 2017 Tuesday ,25 April
Israeli soldier slightly stabbed at West Bank checkpoint
GMT 07:30 2017 Monday ,06 March
Greek PM Tsipras warns EU, IMF that uncertainty 'not smart'
GMT 21:24 2016 Monday ,21 November
Omani official asserts importance of cooperation with Egypt in media field
GMT 07:20 2017 Friday ,04 August
Al-Baziji calls Houthis to stop killingGMT 16:56 2011 Wednesday ,27 April
Doctors turned \'blind eye\' to Guantanamo torture
GMT 12:25 2017 Thursday ,30 March
SpaceX poised to launch first recycled rocket
GMT 04:53 2017 Tuesday ,04 July
Bahrain-Sudan ties commended
GMT 19:27 2017 Tuesday ,04 April
Ethiopian PM Meets Sudanese President
GMT 14:21 2018 Monday ,08 October
Egypt’s Hassan Allam plans to list shares in Cairo, London
GMT 07:18 2018 Monday ,01 October
Party members join EU in rejecting May’s Brexit plan
GMT 06:37 2017 Saturday ,12 August
Three killed, dozens wounded over explosion in Darna
GMT 01:55 2017 Friday ,21 April
Unveils giant restored statue of Ramses II
GMT 23:19 2017 Tuesday ,02 May
Interior Minister receives Atlantic Council CEO
GMT 14:16 2017 Friday ,28 April
Will Smith and Jazzy Jeff to reunite for performance
GMT 07:55 2017 Thursday ,16 March
Mashrou’ Leila to Perform in Rabat and Casablanca in April
GMT 19:27 2018 Tuesday ,23 January
France returnee Morgan Parra out with knee injury
GMT 12:42 2018 Sunday ,21 January
Iraqi, Kurdish PMs try to resolve bitter dispute
GMT 11:32 2018 Saturday ,13 January
New Eurogroup chief vows to press
GMT 12:29 2017 Thursday ,02 February
Jesus fires Man City, Jakupovic foils Man Utd
GMT 14:17 2018 Monday ,01 January
Dora: Her role in new drama is surprise
GMT 20:26 2017 Saturday ,11 February
Dollar exchange rate stable in 5 major banks
GMT 10:26 2016 Thursday ,25 August
French schools boost anti-terror
GMT 13:10 2017 Thursday ,10 August
Throw 180 migrants into Yemen sea
GMT 20:59 2017 Friday ,14 April
Head of Trade Association in North Lebanon receives Pakistani Ambassador
GMT 07:16 2017 Monday ,04 December
Dollar rises on US tax-cut progress but Flynn deal spooks tradersGMT 15:54 2011 Thursday ,18 August
Fast food giant McDonald\'s just keeps growing
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor