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Saudi, UAE agree extension of oil cuts may be considered -statement

Reuters  |  DUBAI 

(Reuters) - Arabia's Energy Minister Khalid al-Falih agreed with his counterpart that an extension of a pact on global supply cuts beyond March 2018 may be considered depending on market fundamentals, the ministry said in a statement on Monday.

Falih and the Minister of Energy of the United Arab Emirates, Suhail al-Mazroui, held a meeting in Astana, at which both men discussed market dynamics and "expressed satisfaction with improving market fundamentals", the statement said.

During the meeting al-Mazroui said that Abu Dhabi National Co (ADNOC) has cut crude allocations by 10 percent in September and October, according to the statement.

"The company will be notifying its customers and the market, on a monthly basis, of the actual changes to its lifting schedule in an effort to demonstrate transparency and enhance credibility around UAE's conformity with its targeted production."

(Reporting by Rania El Gamal; Editing by David Goodman)

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

First Published: Mon, September 11 2017. 18:11 IST