Faleh: OPEC is close to approving the extension of the oil agreement
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Saudi Energy Minister Khalid al-Faleh said on Friday that OPEC is close to agreeing to extend the oil production agreement after June, but the question is how to achieve fit with the participating countries outside the organization.
The Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-OPEC producers agreed in December to cut production by 1.2 million bpd from January 1 to the end of this month. Participants in the agreement are due to meet in the coming weeks to decide on the next move.
"On the OPEC side the extension is almost guaranteed ... the question is to determine" the position of producers from outside the organization, "said the Saudi Energy Minister at an economic forum in St. Petersburg in Russia.
"I hope it will be an easy decision and we will all be extended, but if this is not done, we will be flexible in terms of our position in the Kingdom," he said.
He saw no need to deepen the reduction of supplies.
The minister said earlier that he did not want to engage in a race to increase oil production to compensate for falling prices, saying that a return to the situation of price collapse in 2014-2015 would not be acceptable.
"The ideal balance in the oil market has not materialized and the market is affected by factors beyond OPEC's control," he said.