Saudi Minister ‘Enthusiastic’ About Oil Demand: OPEC+ Update
- Producers meeting in Vienna approve extending output curbs
- Delegates also sign long-term cooperation charter for alliance
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Saudi Arabia’s energy minister was confident about the outlook for oil demand after OPEC’s partner ratified the group’s decision to keep cutting production.
At a meeting in Vienna, members of the Organization of Petroleum Exporting Countries and all its allies in the OPEC+ coalition settled on maintaining quotas for another nine months. The rollover of curbs into a fourth year shows producers are ever more bogged down in a struggle to wrest control of the market from the booming U.S. shale industry.