Saudi Energy Minister Khalid al-Falih and Russian Energy Minister Alexander Novak attend a news conference at the Ritz-Carlton hotel in Riyadh, Saudi Arabia February 14, 2018. (REUTERS/Faisal Al Nasser)
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Saudi Arabia said Wednesday it will further trim oil production and exports next month to reduce excess stockpiles that have weighed on crude prices, as concerns mount over U.S. oversupply.Saudi Arabia, the world's top oil exporter, last month called for extending cooperation between OPEC and non-OPEC producers beyond 2018, after a deal to throttle output succeeded in shoring up prices.The market has seen a turnaround since and oil prices are now close to $60 ."If we have to overbalance the market a little bit, then so be it," he told reporters following an industry conference in Riyadh.His comment comes a day after the International Energy Agency warned that surging oil production in the United States is putting the brakes on crude prices, undermining the kingdom's efforts.
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