Akos Stiller | Bloomberg | Getty Images
Khalid Bin Abdulaziz Al-Falih, Saudi Arabia’s energy minister and president of OPEC, speaks as Alexander Novak, Russia’s energy minister, left, listens during a news conference following the 172nd Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Thursday, May 25, 2017.
OPEC and allied producers are looking at a “continuity strategy” for oil supply management, OPEC’s secretary general said on Wednesday, signaling plans for further cooperation beyond the end-2018 expiry of a supply cut deal.
The Organization of the Petroleum Exporting Countries, Russia and other non-OPEC producers on Nov. 30 extended an oil output-cutting deal until the end of 2018 to finish clearing a glut. But the market is interested in how producers will exit the deal once the excess is cleared.
“We are designing a framework for a continuity strategy for supply management to help ensure a stable and sustainable oil market,” OPEC Secretary General Mohammad Barkindo said in a
speech in China.
Any exit strategy would be gradual, Kuwait’s oil minister said earlier on Wednesday.
