December 4, 2018 / 12:39 PM / 5 days ago

Saudi energy minister says OPEC's deal to cut output uncertain: BBG

FILE PHOTO: Saudi Energy Minister Khalid al-Falih addresses India Energy Forum in New Delhi, October 15, 2018. REUTERS/Adnan Abidi/File Photo

(Reuters) - Saudi oil minister said on Tuesday it was too soon to say if OPEC and its allies would cut production as the terms of a deal remain unresolved, Bloomberg reported.

Khalid Al-Falih’s comments come as OPEC and its allies are working towards a deal this week to reduce oil output by at least 1.3 million barrels per day, four sources told Reuters, adding that Russia’s resistance to a major cut was so far the main stumbling block.

Al-Falih told Bloomberg that he saw an oversupplied market, but cautioned that all the members of the OPEC and allies group, needed to come together for a cut to go ahead.

Reporting by Arathy S Nair in Bengaluru; Editing by Maju Samuel

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