Saudi Oil Minister Says Production Cuts May Need to Continue

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Saudi Arabia’s oil minister on Thursday suggested that production cuts agreed to by OPEC members and countries outside of the cartel may need to continue to help shore up crude oil prices.

The comments by Khalid al-Falih carry significant weight as the kingdom is one of the world’s top oil producers. They come as the price per barrel stand above $50 and increases in U.S. shale oil production threaten to keep them low.

“There is an initial agreement but it has not been communicated to all the countries yet that we might be forced to extend in order to reach our goal,” al-Falih said in a speech at an oil conference in Abu Dhabi, the capital of the United Arab Emirates…

 

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