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Saudi Arabia Says OPEC Should Extend Cuts in Meeting This Month

  • Can’t cut glut as needed under current schedule, minister says
  • Recent arrests in kingdom won’t affect investment, he adds
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Saudi Energy Minister Khalid Al-Falih discusses OPEC oil production with Bloomberg’s Annmarie Hordern.(Source: Bloomberg)
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Saudi Arabia’s Energy Minister said OPEC and its allies should announce an extension of their output curbs when they gather at the end of this month.

The Organization of Petroleum Exporting Countries is unlikely to reduce excess oil inventories to average levels by the time the current deal expires in late March, said Minister Khalid Al-Falih, speaking at the United Nations climate talks in Bonn, Germany. Russia, allied with OPEC in the deal, isn’t convinced it’s necessary to make a decision when the producers meet on Nov. 30, people familiar with the matter said this week.