Saudis say deal to gradually boost OPEC output ‘inevitable’

Khalid al-Falih, Saudi Arabia’s energy minister, during a panel debate at the St. Petersburg International Economic Forum in St. Petersburg, Russia, on May 25, 2018.

Saudi Arabia’s oil minister said it’s “inevitable” that OPEC and its allies will agree to boost oil output gradually, giving the most definitive signal yet that the cartel will alleviate high prices for consumers.

“I think we’ll come to an agreement that satisfies most importantly the market,” Khalid Al-Falih told reporters Thursday in Moscow, when asked about the outcome of the meeting between the Organization of Petroleum Exporting Countries and its allies in Vienna next week. “I think it will be a reasonable and moderate agreement” but nothing “outlandish,” he said…

 

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