The Organization of the Petroleum Exporting Countries (OPEC) and other major producers are nearing an agreement to extend crude output cuts, according to Saudi Arabia’s Minister of Energy Khalid Al-Falih.
More talks are still needed with non-OPEC producers that were part of the production agreement, the minister told Reuters.
“I’m hoping it will be an easy decision and that we will roll over, but if it is not, we will be flexible in terms of our position in the kingdom,” said Al-Falih.
OPEC and its allies have agreed to cut oil output by 1.
2 million barrels per day (b/d), starting from January 2019, and plan to meet on June 25-26 to decide whether to extend the agreement.