Saudi Arabia Says Many Nations Will Join OPEC Output Cuts
- Decision will be ‘fair and equitable’ to all countries: Falih
- So far only Russia has said it would cooperate on supply curbs
Oil Price, OPEC Production Climb Ahead of Agreement
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Many nations are willing to join OPEC in cutting production to secure a continued improvement in oil prices, said Saudi Arabia’s Minister of Energy and Industry Khalid Al-Falih.
The minister didn’t name any countries in his speech at the Oil & Money conference in London Wednesday, saying only that negotiations will continue until the scheduled Nov. 30 meeting of the Organization of Petroleum Exporting Countries in Vienna. So far, only Russia has said it’s considering an output freeze or a reduction, while other non-OPEC producers that cooperated with past supply curbs, including Mexico and Norway, said they won’t cut.