Saudi Arabia is prepared to extend the production-cut arrangement, Crown Prince Mohamed bin Salman stated, according to Reuters.
“The Kingdom affirms its readiness to extend the production cut agreement, which proved its feasibility by rebalancing supply and demand,” bin Salman said in statement released to the media.
Earlier last week, Saudi Arabia’s Energy Minister, Khalid El Falih, said that the country would “do whatever it takes to bring global inventories down to the normal level,” Reuters reported at the time.
On Friday, Brent crude prices surged past the $60 benchmark for the first time since 2015, Bloomberg reports.
OPEC is widely expected to approve an extension of its production-cut agreement when it meets next month, Reuters previously reported.
In January, OPEC and a number of non-OPEC oil producers—most notably Russia—implemented a production-cut agreement to reduce production by 1.8 million barrels per day (b/d) in order to draw down global stocks of crude oil. The agreement was later extended until March 2018.