Saudi energy minister: Oil cut unlikely to extend beyond six months
OPEC and non-OPEC producers are unlikely to extend their agreement to cut oil output beyond six months, because of the level of compliance with the deal and the rebalancing of the market, Saudi Arabian Energy Minister Khalid al-Falih said on Monday.
However Falih, speaking to reporters on the sidelines of an industry event in Abu Dhabi, also said producers would reassess the situation and extend the agreement if necessary.
“We don’t think it’s necessary given the level of compliance…and given the expectations of demand,” he said.
“My expectations (are)…that the rebalancing that started slowly in 2016 will have its full impact by the first half.”