Saudi's Falih: we don't want to engage in race to up oil output

FILE PHOTO: Saudi Energy Minister Khalid al-Falih attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia June 7, 2019. REUTERS/Maxim Shemetov - Copyright MAXIM SHEMETOV(Reuters)

By Reuters

Published on 07/06/2019 - 10:34•Updated 08/05/2024 - 13:30

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ST PETERSBURG (Reuters) - Saudi Energy Minister Khalid al-Falih on Friday said he is unwilling to engage in a race to increase oil output to compensate for lower prices, saing a return to the price-crash environment of 2014-15 is simply unacceptable.

Speaking at an economic forum in St Petersburg, Russia, Falih said that perfect stability on the oil market had not been achieved and the market was being influenced by factors outside "our" control.

(Reporting by Katya Golubkova, Dmitry Zhdannikov, Olesya Astakhova; writing by Tom Balmforth; editing by David Goodman)

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