Saudi Arabia Willing to Go Along With OPEC Production Cut Extension
The current output cuts are scheduled to remain until next March.
Saudia Arabia is open to extending the current OPEC production cuts past next March, Saudi Arabian Energy Minister Khalid Al-Falih said over the weekend.
OPEC and its counterparts in Kazakhstan and Venezuela are looking to rebalance the oil market following a couple of years of price declines amid a stubborn production glut.
OPEC and other major producers agreed to cut production by 1.8 million barrels a day through next March.
Global benchmark Brent crude has lost 5.6% of its value this year and was down 0.56$, or 30 cents per barrel, to $53.48 per barrel Monday morning.
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