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 09:43 2019 Monday ,19 August
Live a calm atmosphere in your career
GMT 02:02 2017 Wednesday ,03 May
Solar energy plans discussed
GMT 11:46 2018 Wednesday ,10 January
Samsung tips record Q4 operating profit of more than $14 bn
GMT 05:07 2017 Saturday ,04 March
Kardashian's husband Kanye suffered mental breakdown
GMT 13:53 2018 Tuesday ,04 September
Bahrain-Kuwait ties praised
GMT 13:04 2016 Wednesday ,05 October
Boycott test for Asia's top film festival
GMT 05:02 2017 Saturday ,11 March
ECB: Core inflation still too low
GMT 08:51 2017 Sunday ,26 November
Amazon workers in Germany, Italy hold
GMT 15:55 2017 Tuesday ,25 April
Egypt sentences 20 to death over police killings
GMT 12:21 2017 Sunday ,26 February
Venture capital fund to become first to issue own digital tokens
GMT 09:25 2017 Friday ,16 June
Trump's envoy Jason Greenblatt
GMT 08:53 2018 Sunday ,21 January
FedExpress steams on as Sharapova grinds
GMT 09:20 2018 Friday ,19 January
Police raid France's Lactalis
GMT 13:16 2018 Thursday ,11 January
Feminists and Weinstein accuser lash Deneuve
GMT 19:43 2016 Monday ,04 January
Malaysian-Saudi ties open further cooperation opportunities
GMT 10:18 2017 Sunday ,24 December
Designer Philo quits fashion label Celine
GMT 10:24 2017 Tuesday ,14 March
Thailand’s ‘piggy bank’ turtle in rehab after 5kg of coins were removed
GMT 19:34 2017 Monday ,21 August
Egyptian MP warns of unlicensed health centers
GMT 22:08 2017 Saturday ,16 December
AnOther Magazine names fashion coordinator
GMT 10:14 2017 Friday ,15 December
Russian court rules Putin's ex-minister took $2mn bribe
GMT 12:51 2017 Saturday ,25 February
Pop music ban a hit with Bulgarian radio audience
GMT 20:58 2014 Wednesday ,09 July
How to choose bathroom curtains
GMT 19:16 2017 Saturday ,25 March
Algerian designer
GMT 02:42 2017 Sunday ,30 April
North Korea stages large-scale artillery drill as U.S. submarine docks in South
GMT 09:10 2017 Monday ,06 March
UAE launches national space policy
GMT 12:03 2017 Thursday ,06 April
NASA's Cassini probe of Saturn prepares for last plunge
GMT 08:18 2017 Sunday ,10 December
Russian MPs ban US media from parliament
GMT 07:21 2017 Wednesday ,29 November
Japan, China dominate list
GMT 06:05 2019 Thursday ,03 October
Dolce and Stefano Gabbana are making a comeback with the new winter 2020 collection
GMT 15:56 2018 Friday ,14 December
Rise in temperatures, relatively cold weather for today
GMT 10:07 2018 Monday ,03 December
Relatively cold weather with showers forecast for three days
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