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| 21 January, 2018

Saudi energy minister: oil producers have consensus on cooperating after 2018

OPEC and non-OPEC oil producers have a consensus that they should continue cooperating on production after the end of 2018.

Saudi Arabia's Oil Minister Khalid al-Falih (L) sits next to OPEC Secretary-General Mohammad Barkindo as he talks to journalists at the beginning of an OPEC meeting in Vienna, Austria, November 30, 2017.

Saudi Arabia's Oil Minister Khalid al-Falih (L) sits next to OPEC Secretary-General Mohammad Barkindo as he talks to journalists at the beginning of an OPEC meeting in Vienna, Austria, November 30, 2017.

REUTERS/Heinz-Peter Bader
MUSCAT- OPEC and non-OPEC oil producers have a consensus that they should continue cooperating on production after the end of 2018, when their current agreement on production cuts expires, Saudi Arabian energy minister Khalid al-Falih said on Sunday.

If oil inventories increase in 2018 as some in the market expect, producers may have to consider rolling the supply cut agreement into 2019, but the exact mechanism for cooperation next year has not yet been decided, Falih said.

He was speaking at a news conference after a meeting of the joint ministerial committee which oversees implementation of the cuts. The committee includes Russia and Kuwait, among other countries. (Reporting by Rania El Gamal and Maha El Dahan; Writing by Andrew Torchia)

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