(MENAFN)Crown Prince Mohammed bin Salman on Saturday confirmed that Saudi Arabia is ready to support the extension of a global oil production cut agreement.
"The Kingdom affirms its readiness to extend the production cut agreement, which proved its feasibility by re-balancing supply and demand," the crown prince stated.
"The high demand for oil has absorbed the increase in shale oil production," the crown prince then added.
He made similar comments to Reuters in an interview published on Thursday about the role the Kingdom is going to play in the extension of the oil deal and the situation of the market.
MENAFN2910201700450000ID1096010634
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.