Al-Falih: Trump's 'input' to be taken into consideration

Economy | Politics | Markets 12/6/2018, 11:10 AM
Al-Falih: Trump's 'input' to be taken into consideration

Saudi Minister of Energy Khalid al-Falih told reporters on Thursday "many members" of the Organization of the Petroleum Exporting Countries are already showing a decline in production and asserted the intended voluntary cuts would be "smaller." Speaking in Vienna, he claimed "geological and other factors" continue to contribute to the return of the balance in the market and cited the announced output cut of over 300,000 barrels per day in Canada's Alberta.

The decrease in volume under discussion within the cartel today, to be presented for coordination with the bloc of countries led by Russia, should be below 1.3 million barrels per day, the top official stressed. Asked about the demand by United States President Donald Trump to OPEC not to reduce exploitation levels, Al-Falih said the alliance would "take his input in consideration" together with the overall needs of consumers.

The delegates have all day today and tomorrow to reach a final deal, he noted. The minister acknowledged the need for "affordable energy" in order to get the economy to grow.

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