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Saudi Energy Minister: OPEC, Non-OPEC Oil Producers Will Maintain Oil Market Balance

17 Apr 2017 9:15 am
 

By Summer Said
 

RIYADH--Members of the Organization of the Petroleum Exporting Countries and producers outside the group will do what is necessary to balance the oil markets, Saudi Arabia's energy minister Khalid al-Falih said on Monday.

"The compliance level is very good. Some countries complied more than other," Mr. Falih told reporters on the sidelines of an energy event in Riyadh.

Saudi Arabia doesn't only care about the current state of the oil markets but also its prospects in the future, he added.

Saudi Arabia has told OPEC officials that it wants to extend the cartel's agreement to cut crude-oil production for another six months when the group meets in May, people familiar with the matter have said.

Saudi support is essential for OPEC to renew its agreement at its next meeting, in Vienna on May 25. The group committed last year to cut about 1.2 million barrels of oil a day in a bid to bring a vast global oversupply of crude back in line with demand and thus raise petroleum prices.
 

Write to Summer Said at summer.said@wsj.com
 

(END) Dow Jones Newswires

April 17, 2017 05:15 ET (09:15 GMT)

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