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KHOBAR / Reuters
Crown Prince Mohammed bin Salman on Saturday
reiterated Saudi Arabia’s readiness to support the
extension of a global oil production cut agreement.
“The Kingdom affirms its readiness to extend the production cut agreement, which proved its feasibility by rebalancing supply and demand,†the crown prince said in a statement. “The high demand for oil has absorbed the increase in shale oil production,†Crown Prince Mohammad added. He made similar comments to Reuters in an interview published earlier about the position of the kingdom towards the extension of the oil deal and condition of the market.
“We will support anything to stabilise the oil demand and supply,†he said when asked whether the kingdom would support extending the agreement until the end of 2018. The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, have cut oil output by about 1.8 million bpd since January. The pact runs to March 2018, but an extension is under consideration. OPEC and non-OPEC producers meet on Nov 30 to set oil policy.