BREAKING NEWS

OPEC says Saudi gave assurances Aramco IPO won’t affect commitment to group deals

OPEC says Saudi gave assurances Aramco IPO won’t affect commitment to group deals
FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting in Vienna, Austria, July 2, 2019. REUTERS/Lisi Niesner -
Copyright
LISI NIESNER(Reuters)
Text size Aa Aa

ABUDHABI (Reuters) – Saudi Arabia, OPEC’s top producer and de facto leader, has reassured the exporting group that a listing of oil giant Aramco would not affect the kingdom’s role in the group or commitment to output deals, OPEC’s secretary general said on Wednesday.

Mohammad Barkindo also said he was confident that OPEC and its allies, a group known as OPEC+, would continue with a supply curb agreement in 2020 and that the fundamentals of the global economy remained strong.

He said there would likely be sharp downward revisions of supply going into 2020 especially from United States shale production, adding that some U.S. shale oil firms would see output grow only by around 300,000-400,000 barrels per day.

(Reporting by Rania El Gamal; writing by Ghaida Ghantous; Editing by Chizu Nomiyama)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.
Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.