Saudi minister confident of oil cut extension!

RIYADH: Saudi Arabia’s energy minister expressed confidence on Sunday of extending a global cut in oil production designed to boost prices. 

Khalid al Falih spoke ahead of a meeting on Thursday between the Organisation of the Petroleum Exporting Countries (Opec) and Russia, where they are expected to extend the production cut pact. 

“We have full commitment from the Russian side, including President (Vladimir) Putin himself,” Falih told reporters on the sidelines of summits between US President Donald Trump and Muslim leaders from around the world. 

Saudi Arabia, the world’s biggest oil exporter, and Gulf members of Opec are also fully behind an extension, while there is “strong” commitment from Iraq and others, Falih said. 

With potential for “two or three more producers” to join, Falih was optimistic global supply and demand would balance by the first quarter of next year. “We will do whatever is necessary,” he said, expressing an openness to “creative” solutions.