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Saudi oil minister hopes OPEC, allies will ease output cuts in 2019
Written By Reuters
Published: | Updated:
OPEC is reducing output by about 1.2 million barrels per day as part of a deal with Russia and other non-OPEC producers
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The next step may be easing of the production constraints, Saudi Arabia oil minister Khalid al-Falih said.
Saudi Arabia oil minister Khalid al-Falih said on Saturday that he hopes the production constraints under a deal between major OPEC and non-OPEC oil producers will ease in 2019.
The Organization of the Petroleum Exporting Countries is reducing output by about 1.2 million barrels per day as part of a deal with Russia and other non-OPEC producers. The pact will run until the end of 2018.
He said the OPEC and non-OPEC members were committed to bringing stability and to balancing the market.
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"The next step may be easing of the production constraints. My estimation is that it will happen sometime in 2019. But we don`t know when and we don`t know how," he said.
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