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Saudi Arabia's Falih says Brunei ready for global oil agreement extension
May 7, 2017 / 4:06 PM / in 6 months

Saudi Arabia's Falih says Brunei ready for global oil agreement extension

(Reuters) - Saudi Arabia’s energy minister Khalid al-Falih said in comments posted on social media on Sunday that Brunei has expressed readiness to extend the global oil cut agreement between OPEC and non-OPEC countries to support oil markets.

Khalid al-Falih Saudi energy minister attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich

Falih said that, during a visit to Bandar Seri Begawan, he conveyed to Brunei’s energy minister the kingdom’s keen interest in fostering cooperation with Brunei on all levels.

“His Excellency expressed Brunei’s willingness to extend the oil reduction agreement to support the stability of the oil market,” Falih said in a message on his Twitter account, referring to Brunei’s energy minister Mohammad Yasmin Umar.

Three OPEC delegates said last week that producers from inside and outside the organisation look likely to extend their agreement to limit supplies beyond June to help clear a glut, downplaying the chances of additional steps such as a bigger cut.

Reporting by Reem Shamseddinel; Editing by Sami Aboudi and Andrew Bolton

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