Saudi Energy Minister Khalid al-Falih speaks to media at the Saudi-US CEO Forum 2017 ahead of the arrival of the U.S. President Donald Trump, in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Hamad I Mohammed
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
All oil producers participating in a deal to limit output agree on extending the cuts by nine months to help trim a supply glut, according to Saudi Arabia's energy minister. An extension through the first quarter of 2018 will help producers reach their goal of trimming global stockpiles to a five-year average, Khalid al-Falih said. Officials at the meeting in Vienna were relieved that two outside energy consultants had estimates for growth in average U.S. crude output of 450,000 to 500,000 barrels a day this year, lower than the 562,000 barrel-a-day forecast from OPEC's own analysts, two delegates said.OPEC and other producers who agreed to the cuts last year aren't targeting a specific oil price, Falih said in the interview. Inventories in 35 of the world's most industrialized nations – the Organization for Economic Cooperation and Development – were just above 3 billion barrels in April, or about 307 million above their five-year average, data from the U.S. Energy Information Administration shows.
FOLLOW THIS ARTICLE