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Saudi oil minister says output cuts may be extended if necessary -Bloomberg

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NEW YORK (Reuters) - A deal to cut output by the Organization of the Petroleum Exporting Countries could be extended if inventories remain above average, Energy Minister Khalid al-Falih said in an interview with on Thursday.

OPEC and some non-OPEC producers agreed to cut production from Jan. 1 to reduce record stocks of global crude oil, but the deal has been dampened by data showing persistently rising U.S. stockpiles. [EIA/S]

The U.S.-relationship is in "perfect" alignment and both countries need a stable price, cited Falih as saying in headlines, copies of which saw.

will review the strategy in mid-second quarter and will do what it takes to make the industry healthy, the report said.

prices rose after the report before giving up the gains quickly to trade largely unchanged.

reported in February that OPEC could extend its supply-reduction pact with non-members or even apply deeper from July if global crude inventories fail to drop to a targeted level.

(Reporting by Devika Krishna Kumar in New York; Editing by Leslie Adler)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Saudi oil minister says output cuts may be extended if necessary -Bloomberg

NEW YORK (Reuters) - A deal to cut oil output by the Organization of the Petroleum Exporting Countries could be extended if inventories remain above average, Saudi Energy Minister Khalid al-Falih said in an interview with Bloomberg on Thursday.

NEW YORK (Reuters) - A deal to cut output by the Organization of the Petroleum Exporting Countries could be extended if inventories remain above average, Energy Minister Khalid al-Falih said in an interview with on Thursday.

OPEC and some non-OPEC producers agreed to cut production from Jan. 1 to reduce record stocks of global crude oil, but the deal has been dampened by data showing persistently rising U.S. stockpiles. [EIA/S]

The U.S.-relationship is in "perfect" alignment and both countries need a stable price, cited Falih as saying in headlines, copies of which saw.

will review the strategy in mid-second quarter and will do what it takes to make the industry healthy, the report said.

prices rose after the report before giving up the gains quickly to trade largely unchanged.

reported in February that OPEC could extend its supply-reduction pact with non-members or even apply deeper from July if global crude inventories fail to drop to a targeted level.

(Reporting by Devika Krishna Kumar in New York; Editing by Leslie Adler)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
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Saudi oil minister says output cuts may be extended if necessary -Bloomberg

NEW YORK (Reuters) - A deal to cut output by the Organization of the Petroleum Exporting Countries could be extended if inventories remain above average, Energy Minister Khalid al-Falih said in an interview with on Thursday.

OPEC and some non-OPEC producers agreed to cut production from Jan. 1 to reduce record stocks of global crude oil, but the deal has been dampened by data showing persistently rising U.S. stockpiles. [EIA/S]

The U.S.-relationship is in "perfect" alignment and both countries need a stable price, cited Falih as saying in headlines, copies of which saw.

will review the strategy in mid-second quarter and will do what it takes to make the industry healthy, the report said.

prices rose after the report before giving up the gains quickly to trade largely unchanged.

reported in February that OPEC could extend its supply-reduction pact with non-members or even apply deeper from July if global crude inventories fail to drop to a targeted level.

(Reporting by Devika Krishna Kumar in New York; Editing by Leslie Adler)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22