Saudi Arabia says May will be key to decide on extending oil supply cuts GlobeBusiness
Saudi Energy Minister Khalid al-Falih speaks during a news conference in Riyadh, Saudi Arabia January 9, 2019. REUTERS/Faisal Al Nasser/File PhotoThe Saudi energy minister on Monday said it was premature to say whether a consensus existed among OPEC and its allies to extend oil supply cuts but a meeting next month would be key.
“I don’t think we will need ... the market is on its way towards balance. We have done a lot more than others,” he added, referring to the possibility of Saudi Arabia cutting output further below its target under the global deal. The NOPEC move prompted Saudi Arabia to threaten to sell its oil in currencies other than the dollar if Washington passes the bill, three sources familiar with Saudi energy policy told Reuters last week.
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