BUSINESS OPEC looking for sufficient oil output cut: Saudi Arabia

BUSINESS

OPEC looking for sufficient oil output cut: Saudi Arabia

Xinhua

21:08, December 06, 2018

VIENNA, Dec. 6 (Xinhua) -- Saudi Arabia on Thursday said the Organisation of the Petroleum Exporting Countries (OPEC) is looking for a sufficient cut to balance the oil market, ahead of the meeting with other OPEC members.

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Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia speaks prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Thursday, Dec. 6, 2018.

"We are looking for a sufficient cut to balance the market," Saudi Energy Minister Khalid al-Falih told reporters before the closed-door meeting in Vienna.

In a press release, OPEC said it is important to examine the potential gap between supply and demand in 2019.

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