Saudi Arabia’s energy minister said today that talk of extending the agreement on oil output reductions would be premature, according to a news report.
Khalid al-Falih told Al-Arabiya television that Opec and non-Opec nations had complied well with their quotas and that he believed there was a willingness to stabilise the oil market.
But he said it was “too early” to talk about extending the six-month production deal beyond June.
In late November, OPEC and other key oil producing states agreed to cut production by 1.8 million barrels per day for an initial six months, commencing January 1.
Read: Opec confirms output deal, says Russia agreed to cuts
Talks over an extension are expected to take place at the end of next month.