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Thursday, June 30, 2022

Saudi Arabia says another Opec cut possible in 2017

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Saudi Arabia’s energy minister has said that there is a chance of another production cut from Opec countries this year.

Speaking at the World Economic Forum at the Swiss ski resort of Davos, Khalid Al-Falih said he “would not exclude” another cut to follow last year’s December agreement if higher prices do not stick.

He noted that in the past the Opec oil cartel has often had to cut production more than once to stabilise the market.

Another option, he said, is that the recently agreed on production cut could be extended further. However, he says oil ministers do not want to create a shortage too early.

Oil prices are trading at over 50 US dollars (£40) a barrel, nearly double the level they were a year ago.

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