Saudi Arabia says oil curbs could extend beyond end of 2017

Image result for Saudi Arabia says oil curbs could extend beyond end of 2017Saudi Arabia’s oil minister,Khalid Al-Falih is confident that an agreement by producers to curb crude output and shrink a market glut will be extended into the second half of the year and possibly beyond.

Al-Falih said this at the Asia Oil and Gas Conference in Kuala Lumpur, Malaysia.

Advertisement

He hoped that global oil market will soon re-balance and return to a healthy state.

But U.S. shale output growth and the shutdown of refineries for maintenance have slowed the impact of cuts by OPEC and its partners.

Advertisement

Surging U.S. production has raised concerns on the Organization of Petroleum Exporting Countries and partners.

Advertisement

leave a reply