Riyadh – Mubasher: Saudi Energy Minister Khalid al-Falih said that the oil output cut deal reached by the Petroleum Exporting Countries could be extended if inventories remain above average, Reuters reported.
On 30 November, OPEC agreed to cut its own production by 1.2 million barrels daily as of January 2017, to reduce supply glut.
KSA will review the oil strategy in mid-second quarter of 2017and will do what it takes to make the industry healthy, Al-Falih told Bloomberg in an interview.
In March, Al-Falih said in CERAWeek industry conference in Houston that OPEC will discuss in May whether to extend the output reduction agreement for six more months.
Brent Crude oil shed 0.12% to $51.69, while US crude inched down 0.02% to $48.74, by 08:12 GMT.
