Saudi Energy Minister hopes OPEC agrees to extend production cut ‘early July’ By Reuters


© Reuters. FILE PHOTO: Saudi Arabian Energy Minister Khalid al-Falih, is seen after the OPEC 14th Meeting of the Joint Ministerial Monitoring Committee in Jeddah

KARUIZAWA, Japan (Reuters) – Saudi Energy Minister Khalid al-Falih said on Sunday that OPEC would probably meet in the first week in July in Vienna and that he hoped it would reach consensus on extending its agreement to cut oil output.

Falih said earlier this month that OPEC was close to agreeing to extend the agreement beyond June, although more talks were still needed with non-OPEC countries that were part of the production deal.

The Organization of the Petroleum Exporting Countries plus Russia and other producers, an alliance known as OPEC+, have a deal to cut output by 1.2 million barrels per day (bpd) from Jan. 1.

“We are hoping that we will reach consensus to extend our agreement when we meet in two-weeks-time in Vienna,” Falih told reporters on the sideline of a G20 energy and environment ministerial meeting in , northwest of Tokyo.Asked when the meeting will be held, he said: “Probably first week of July”.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *