Saudi Arabia: The world will still have surplus oil by the end of
Information / Baghdad ..
Saudi Energy Minister Khalid Al-Falih said that the world will still have surplus oil by the end of next March, referring to the readiness to extend production cuts when OPEC meets at the end of November.
"We do not want oil prices to rise very quickly and in a short time to shock consumers," he said, adding that output cuts would be gradual to ensure a smooth market reaction.
He pointed to the need to make sure that by the end of March production will not be at the level desired by all, the average for five years, which means some kind of extension, pointing to the levels of stocks in developed countries. Ending / 25