Saudi oil minister says output cuts may be extended if necessary -Bloomberg | Reuters

NEW YORK A deal to cut oil output by the Organization of the Petroleum Exporting Countries could be extended if inventories remain above average, Saudi Energy Minister Khalid al-Falih said in an interview with Bloomberg on Thursday.OPEC and some non-OPEC producers agreed to cut production from Jan. 1 to reduce record stocks of global crude oil, but the deal has been dampened by data showing persistently rising U.S. stockpiles. [EIA/S]

The U.S.-Saudi relationship is in "perfect" alignment and both countries need a stable oil price, Bloomberg cited Falih as saying in headlines, copies of which Reuters saw.

Saudi will review the oil strategy in mid-second quarter and will do what it takes to make the industry healthy, the report said.

Oil prices CLc1 LCOc1 rose after the report before giving up the gains quickly to trade largely unchanged. Reuters reported in February that OPEC could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level. (Reporting by Devika Krishna Kumar in New York; Editing by Leslie Adler)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Mar 17, 2017 01:15 AM

Also Watch

IPL 2018: Royal Challengers Bangalore eye revival against Chennai Super Kings as 'Cauvery Derby' comes back to life
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Tuesday, April 24, 2018 It's A Wrap: Beyond the Clouds stars Ishaan Khatter, Malavika Mohanan in conversation with Parul Sharma
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See