Saudi Minister of Energy, Industrial and Mineral Resources, Khaled al-Falih, talks during the Energy Dialogue 2016 held at the King Abdullah Petroleum Studies and Research Center (KAPSARC) in Riyadh, on November 1, 2016. / AFP / FAYEZ NURELDINE
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It was the first time Saudi Arabia, the world's top oil exporter, had publicly stated OPEC and non-OPEC producers would keep cooperating after 2018 .The exact mechanism for cooperation next year has not yet been decided, Falih said, but if oil inventories increase in 2018 as some in the market expect, producers might have to consider rolling the supply cut deal into next year.Kuwait's Oil Minister Bakheet al-Rashidi said Sunday's meeting focused on compliance with the current agreement on output cuts, and discussion of the deal's future was expected to occur in June, when OPEC and other producers led by Russia are next scheduled to meet on oil policy.Falih said the global economy had strengthened while the supply cuts had shrunk oil inventories around the world.Falih said that identifying the exact target for inventories had yet to be discussed by producers, and it might only become clearer in June.
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