Saudi Arabia Calls For Extending Non-OPEC Cooperation


Saudi Arabia Calls For Extending Non-OPEC Cooperation

“We should not limit our efforts to 2018. We need to be talking about a longer framework for our cooperation,” Faleh said before a meeting between OPEC and non-OPEC countries in Muscat.

This is the first time OPEC kingpin Saudi Arabia explicitly calls for extending a 2016 deal between oil producers to cut back production to combat a global oil glut.

OPEC and non-OPEC countries signed a landmark agreement in November 2016 to cut output by 1.8 million barrels per day to fight huge oversupply and lift sagging crude prices.

That deal was initially for six months, but the 14-member cartel and 10 independent producers have since extended it until the end of this year.

“I am talking about extending the framework that we started — which is the declaration of cooperation — beyond 2018,” Faleh told reporters. Read More…

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