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Saudi to back OPEC deal extension

|By Arabian Post Staff|Saudi Arabia has indicated it is ready to back extension of an oil production cut agreement led by the Organization of Petroleum Exporting Countries (OPEC) in order to balance global crude oil supply and demand.

This was indicated by Crown Prince Mohammed bin Salman in a statement. He said the high demand for oil has absorbed the increase in shale oil production. He said the demand for oil will increase in the future, which restored trust to petroleum markets. The Crown Prince said that the future of energy, both conventional and renewable, will be promising, and that the Kingdom will lead both sectors.

OPEC holds its ministerial meeting in the Austrian capital Vienna at the end of next month. OPEC and some non-OPEC countries including Russia have vowed to lower their output by a total of about 1.8 million barrels per day to the end of March 2018 to help curb a glut in global petroleum supplies.

Also published on Medium.

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