04 Feb '18, 8pm

Oil producers will cooperate beyond 2018, says Saudi Arabia

Oil producers will cooperate beyond 2018, says Saudi Arabia Global oil producers are in agreement that they should continue cooperating on production after their deal on supply cuts expires at the end of this year, Saudi Arabia’s energy minister Khalid al-Falih said on Sunday. FILE PHOTO: Saudi Arabia’s Oil Minister Khalid al-Falih addresses a news conference after an OPEC meeting in Vienna, Austria, November 30, 2017. REUTERS/Heinz-Peter Bader It was the first time Saudi Arabia, the world’s top oil exporter, had publicly stated OPEC and non-OPEC producers would keep cooperating after 2018. The exact mechanism for cooperation next year has not yet been decided, Falih said, but if oil inventories increase in 2018 as some in the market expect, producers might have to consider rolling the supply cut deal into next year. “There is a readiness to continue cooperation beyond 201...

Full article: http://peakoil.com/production/oil-producers-will-cooperat...

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