Heinz-Peter Bader | Reuters
Saudi Arabia’s Oil Minister Khalid al-Falih listens during a news conference after an OPEC meeting in Vienna, Austria, November 30, 2017.
Saudi Arabia hopes OPEC in addition to its allies will be able to relax production curbs next year in addition to create a permanent framework to stabilize oil markets after the current supply cut deal ends which year, its oil minister said on Saturday.
The Organization of the Petroleum Exporting Countries can be reducing output by about 1.2 million barrels per day (bpd) as part of a deal with Russia in addition to various other non-OPEC producers.
The pact, aimed at propping oil prices, began in January 2017 in addition to will run until the end of 2018.
Saudi Arabian oil minister
Khalid al-Falih said OPEC in addition to its allies were committed to bringing balance in addition to stability to the market in addition to which he hoped which would likely be possible to ease output curbs next year.
“A study can be taking place in addition to once we know exactly what balancing the market will entail we will announce what can be the next step. The next step may be easing of the production constraints,” he told reporters in brand-new Delhi.
“My estimation can be which which will happen sometime in 2019. although we don’t know when in addition to we don’t know how”.
Falih said OPEC was determined to translate the success of the deal to curb supply into a permanent framework with various other major producers.
“What we want can be an evergreen framework which brings producers through OPEC in addition to non-OPEC (countries) together in a market monitoring fashion which allows us to take quick decisions,” he said.