Bid & Tender
Bigger Oil Cuts Possible in Future – Al Falih

Date : Jun 06, 2017

Saudi Energy Minister Khalid Al Falih said further oil output cuts could be needed in the future and Organization of the Petroleum Exporting Countries (Opec) and other leading producers would assess the market situation in July, according to a report.


The Opec and other nations led by Russia agreed last week to extend a deal to limit global oil output for a further nine months, until March 2018.


A panel set up to monitor the cuts is set to meet in Russia in July, it stated.


Falih, who has been on a visit to Russia this week, said it would then be able to judge if the cuts had been effective in supporting oil prices which have halved in the last three years on the back of a global oversupply glut, said the report.


"We have to see the market and I think by the end of June, in July we will see that the action we have taken has a big impact," he said. "If for some reason we need to do more, we will consider doing more including ... bigger cuts," he observed.


"Nothing is off the table but today nothing is on the table either. We made a deal," he added.