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Saudi Arabia is flexible on oil cuts pact, all options open: Falih
October 5, 2017 / 12:20 PM / 16 days ago

Saudi Arabia is flexible on oil cuts pact, all options open: Falih

KHOBAR, Saudi Arabia (Reuters) - Saudi Arabia is open to all options for the global oil supply cut pact, including an extension until the end of 2018, Energy Minister Khalid al-Falih told Al Arabiya TV channel on Thursday.

FILE PHOTO - Saudi Arabian Energy Minister Khalid al-Falih attends a meeting of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia July 24, 2017. REUTERS/Anton Vaganov

Falih was speaking from Moscow a day after Russian President Vladimir Putin said the global deal to reduce production could be extended to the end of 2018, a longer timeframe than others have suggested, in a bid to curb a supply glut.

“In the kingdom, we have to keep all options open, President Putin agreed with us on this and expressed his readiness to extend until the end of 2018 if this is agreed, and if this is the best option,” Falih told Al Arabiya.

“My reaction (is) welcoming the flexibility by the highest authority in Russia, and the instructions by the King and (the Crown Prince) Mohammed bin Salman for the kingdom is to be flexible in leading the producing countries in and outside of OPEC to a consensus that takes the market to where we want it to be,” Falih said.

He added that a balanced oil market, reduction of inventories to a normal level and the return of oil investments is the aim of the world’s largest oil exporter.

Reporting by Reem Shamseddine; editing by Rania El Gamal

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