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Saudi oil minister hopes Opec, allies will ease output cuts 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

OPEC, Saudi energy and oil minister, Khalid al-Falih,Saudi Arabia, oil price

Saudi Arabia's Oil Minister Khalid al-Falih talks to journalists after a news conference after an OPEC meeting in Vienna, Austria, File Photo: Reuters

Reuters New Delhi

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.

"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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Feb 24 2018 | 2:24 PM IST

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