Saudi Arabia and Russia: There was “unwavering resolve” to limit oil production

OPEC and non-members met on January 21, 2018, in Muscat, Oman, and agreed to extend an agreement to cut crude oil production until end of 2018, to help balance a market still fragile to global economic trends and overheating.

The committee members said in a statement following their 1-day meeting commitment to an agreement to cut oil output by 1.8 million barrels per day (bpd) during December 2017 was up to 129 %.

They voiced satisfaction over the implementation of the agreement, which improved oil prices.

Committee chairman, Saudi oil minister Khaled Al-Faleh urged global oil producing nations to extend their cooperation beyond 2018 at a compliance meeting between OPEC and non-OPEC members.

“We should not limit our efforts to 2018. We need to be talking about a longer framework for our cooperation” he said.

Russia agreed to continue cooperation with OPEC, even without cutting output, if that helps to support the market, Russian Energy Minister Alexander Novak said in the interview.

He said oil producers should not ease off on their efforts despite the rebound.

“Despite the fact that progress is obvious, we must not relax. We are determined to carry through the rebalancing” Novak  told reporters.

The Russian minister praised the outcome of the cuts deal. “The market got on the way towards balancing and we jointly managed to reduce the surplus in stocks by more than half” Novak said.

The next OPEC-meeting is scheduled to be held in April 2018 in Saudi Arabia.

 

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