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Saudi Arabia and UAE discuss extension of Vienna agreement
BAGHDAD (Reuters) -
Kuwait's Minister of Energy, Khalid al-Faleh, has agreed with his UAE counterpart Suhail al-Mazroui to extend the agreement to cut world oil supplies after March 2018, the Saudi Energy Ministry said in a statement.
Kuwait's Minister of Energy, Khalid al-Faleh, has agreed with his UAE counterpart Suhail al-Mazroui to extend the agreement to cut world oil supplies after March 2018, the Saudi Energy Ministry said in a statement.
During a meeting in Astana, Al-Faleh and Mazroui discussed the situation in the oil market and "expressed their satisfaction with the improvement of the fundamentals of the market."
"The company will inform customers and the market, on a monthly basis, of the actual changes to the shipping schedule in an effort to demonstrate transparency and enhance credibility on the UAE's commitment to target production," said Al Mazrouei.
"The company will inform customers and the market, on a monthly basis, of the actual changes to the shipping schedule in an effort to demonstrate transparency and enhance credibility on the UAE's commitment to target production," said Al Mazrouei.
This came after al-Faleh also discussed the possibility of extending the Vienna agreement on the global reduction of oil supplies after March 2018 with his Venezuelan and Kazakh counterparts.
The news is expected to have a positive impact on the crude market and lead to its rise.
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