(MENAFN) Crown Prince Mohammed bin Salman confirmed on Saturday Saudi Arabia's willingness to support the extension of a global oil production cut agreement.
The crown prince stated, "The Kingdom affirms its readiness to extend the production cut agreement, which proved its feasibility by rebalancing supply and demand".
"The high demand for oil has absorbed the increase in shale oil production ", the Prince added.
Since January, OPEC and other major oil producers have cut output by about 1.8 million barrels per day.
MENAFN0111201700450000ID1096023921
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.