Al Falih: Not sure if Russia will agree to output cuts

Economy 12/6/2018, 6:21 PM
Al Falih: Not sure if Russia will agree to output cuts

Saudi Energy Minister Khalid al-Falih stated on Thursday that he is not sure that Russia will agree to a production cap deal, media reported. The official noted that he can't say with confidence that Moscow will be on board with OPEC's plan to cut global oil output.

Commenting on whether the Organization of the Petroleum Exporting Countries (OPEC) decided on the production cap agreement, the minister stressed that the cartel is still discussing the issue and that no final conclusion has been reached so far. Al Falih previously proposed output cuts of 1 million barrel per day but warned that the measure will only be agreed on if everyone is on board.

Earlier today, it was reported that OPEC agreed on a new output cut but doesn't want to release any details until other major oil exporters led by Russia agree to comply with the deal.

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