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BREAKING NEWS

Saudi's Falih: OPEC members in favour of rollover, no deeper cut needed

Saudi's Falih: OPEC members in favour of rollover, no deeper cut needed
FILE PHOTO: Saudi Arabian Energy Minister Khalid al-Falih, is seen after the OPEC 14th Meeting of the Joint Ministerial Monitoring Committee in Jeddah, Saudi Arabia, May 19, 2019. REUTERS/Waleed Ali -
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WALEED ALI(Reuters)
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St Petersburg (Reuters) – Saudi Energy Minister Khalid al-Falih said on Friday that an extension of a 1.2 million barrel per day oil output cut beyond this month was all but agreed among OPEC members but still needed discussions with non-OPEC allies in the deal.

“On the OPEC side a rollover is almost in the bag… The question is to calibrate with non-OPEC,” Falih said at an economic conference in St Petersburg, Russia.

“I don’t think there will be a need to deepen the cut.”

(Reporting by Olesya Astakhova in St Petersburg; writing by Shadia Nasralla in London; editing by Jason Neely)

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