Photographer: Andrey Rudakov/Bloomberg

Saudi's Falih Sees No Need to Alter Oil-Cuts Deal, Interfax Says

Saudi Arabia doesn’t see any need for changes to the oil-cuts deal agreed on by OPEC and its allies last month in Vienna, Oil Minister Khalid Al-Falih said, according to Interfax.

Additional production curbs aren’t necessary, Al-Falih said Saturday in Astana, Kazakhstan, according to the news service. The oil market will stabilize in the next few months, he said.

Khalid Al-Falih

Photographer: Akos Stiller/Bloomberg

Although members of the Organization of Petroleum Exporting Countries and its partners agreed May 25 to extend their oil-cuts agreement for nine months, crude prices have since slid as rising supplies show the difficulty in clearing the global glut. Prices have continued to slip even amid turmoil in the Middle East, the world’s largest producing region.

The recent price decline doesn’t warrant a reaction, Russian Energy Minister Alexander Novak said Saturday, according to Interfax. There’s no need for an extraordinary OPEC/non-OPEC meeting, he insisted after meeting with Al-Falih and his Kazakh counterpart Kanat Bozumbayev in Astana, according to the news service.

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