Saudis Pledge Decisive Oil Supply Boost to Comfort Consumers
- OPEC+ output increase should be closer to 1 million b/d: Falih
- Committee dominated by Saudis, Russia to oversee supply hike
Khalid Al-Falih, Saudi Arabia's energy and industry minister, center, at the OPEC meeting in Vienna.
Photographer: Stefan Wermuth/BloombergThis article is for subscribers only.
Saudi Arabia promised to act decisively to keep oil prices under control, signaling a real supply boost approaching 1 million barrels a day is on the way to global markets.
“We will do whatever is necessary to keep the market in balance,” Saudi Energy Minister Khalid Al-Falih told reporters on Saturday, while sitting alongside his Russian counterpart Alexander Novak at OPEC headquarters in Vienna. Consumers can rest assured that “their energy supplies are available, are being stewarded by a responsible group of producers.”