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Saudi Energy Minister Khalid al-Falih said on Monday it was wise to agree to extend the oil price cut to March.
Al-Faleh made the remarks at a meeting of the Joint Ministerial Committee to monitor the agreement to cut production between the countries of the Organization "OPEC" and participating countries from outside, which was quoted by the agency "Reuters".
"We are currently tightening security measures, following recent attacks on oil carriers," Al-Falih said.
"Russia's role is welcome, and our commitment is to balance the market."
"Russia does not dictate decisions, and we listen to all members, but coordination between Putin and the Saudi crown prince is continuing."
"We do not see a threat to the agreement to reduce production from Iran's tensions, and we are confident that we will reach a full compliance with the reductions," he said.
"The extension of the 9-month agreement, gives us time to rebalance the market."
"It is prudent to extend the extension to March and we will decide tomorrow, especially since a large part of the supply gap will decline in the second half."
"The kingdom does not place market share as a top priority, the market is not unreasonably low, consumers in the United States and others find the market in a very reasonable position."
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