Saudi Minister Says Premature to Say If OPEC+ to Cut Output - Bloomberg:
Three days after Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman sent crude prices surging with an agreement to extend cooperation on oil, the kingdom’s top energy official made clear that the terms of a deal remain unresolved.
In an interview with Bloomberg, Saudi Energy Minister Khalid Al-Falih said he saw an oversupplied market, but cautioned that all the members of the OPEC+ group, which includes allies such as Russia and Kazakhstan, needed to come together for a cut to go ahead.
Moscow backs output curbs “in principle,” but it’s “premature” to say what they will agree in Vienna this week, Al-Falih said. He also walked back previous statements about the size of any supply reduction, saying the group is likely to cut but still needs to “figure out what needs to be done and by how much.”
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