Skip to content
Subscriber Only

Saudis Say Deal to Gradually Boost OPEC Output `Inevitable'

  • Russia says OPEC+ could consider 1.5 million b/d increase
  • Plan faces opposition from several other members of OPEC
Video player cover image
Bloomberg’s Will Kennedy reports on comments by Saudi Arabian Oil Minister Khalid Al-Falih.Source: Bloomberg
Updated on

Saudi Arabia’s oil minister said it’s “inevitable” that OPEC and its allies will agree to boost oil output gradually, giving the most definitive signal yet that the cartel will alleviate high prices for consumers.

“I think we’ll come to an agreement that satisfies most importantly the market,” Khalid Al-Falih told reporters in Moscow on Thursday, when asked about the outcome of the meeting between the Organization of Petroleum Exporting Countries and its allies in Vienna next week. “I think it will be a reasonable and moderate agreement” but nothing “outlandish,” he said.