Saudi Arabia is ready to support the extension of an oil production cut agreement led by the Organization of Petroleum Exporting Countries (Opec) in order to balance global crude oil supply and demand, Crown Prince Mohammed bin Salman has said.
“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.
Crown Prince Mohammed bin Salman also affirmed that “the high demand for oil has absorbed the increase in shale oil production.”
“The journey towards restoring balance to markets, led by the kingdom, is proving successful despite the challenges,” he added.
The Crown Prince affirmed during the October 24-26 Future Investment Initiative (FII) conference in Riyadh that demand for oil will increase in the future, which restored trust to petroleum markets.
He said that the future of energy, both conventional and renewable, will be promising, and that the kingdom will lead both sectors.
Opec holds its ministerial meeting in the Austrian capital Vienna at the end of next month. Opec and some non-Opec countries including Russia have vowed to lower their output by a total of about 1.8 million barrels per day to the end of March 2018 to help curb a glut in global petroleum supplies.