Oil Rebounds After Saudi Energy Minister Talks Up OPEC Cut Extension

20 April, 2017, 11:49 | Author: Leticia Walters
  • Image of Former President Abul Hasan Bani Sadr

Khalid al-Falih's comments on Thursday carry significant weight as Saudi Arabia remains a powerhouse among oil producers.

"We have a noticeable increase in compliance from non-OPEC, which shows the importance of extending the agreement", Marzouq said.

OPEC meets next on May 25 to decide on output policy for the remainder of 2017.

Ministers from the Organization of the Petroleum Exporting Countries will convene at their Vienna headquarters for joint talks with non-OPEC oil ministers, sources said. Crude is up from lows past year below US$30.

If stocks remained too high, "we will extend this agreement to nine or even 12 months (from January 1) because our target is the level of (inventories), and this will be the indicator of the success of our initiative", he added.

Under the six-month deal, which expires in June, OPEC was to cut 1.2 million b/d of crude production from October levels and 11 key non-OPEC producers led by Russian Federation to cut output by 558,000 b/d. Almost a dozen other countries pledged in December to cut an additional 558,000 barrels a day.

The International Energy Agency said last week that inventories in industrialised countries were still 10 percent above the five-year average, a key gauge for OPEC.

"There is a preliminary agreement, but not with all states, on the continuation of the agreement to reduce oil production", Falih said at an energy forum in the United Arab Emirates.

However, Iraq may seek to be exempt and ask to boost its own output, the leader of the nation's Shi'ite ruling coalition Ammar al-Hakim told Reuters.

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