The Wall Street Journal: OPEC to stick with oil output cuts through 2018: Saudi energy minister

Saudi Arabia’s energy minister said Wednesday that the oil-rich kingdom and the OPEC cartel were committed to sticking with petroleum-production cuts for the rest of the year, even if they “overbalance the market a little bit.”

The remarks by the top Saudi oil official, Khalid al-Falih, came a day after an International Energy Agency report contended that a new wave of U.S. crude production could undermine the kingdom’s efforts to raise petroleum prices with its output cuts.

“We believe we have to err on the safe side and make sure that the market has balanced,” Falih said at a news conference. “And if we have to overbalance the market a little bit, then so be it.”

The Organization of the Petroleum Exporting Countries and 10 allies, including the world’s largest crude producer, Russia, began a long-term effort to draw down a global oversupply of oil CLH8, +2.70% LCOJ8, +2.74%  by cutting their own production. The 1.8 million-barrel-a-day effort has helped drain oil in storage and contributed to prices rising as high as $70 a barrel last month.

Read an expanded version of this article at WSJ.com.

Most popular on WSJ.com

Lovers? Spouses? Just good friends? On the Olympic ice, it’s getting hard to tell

California employers in a bind over immigration enforcement

Trump lawyer says he personally paid Stormy Daniels

Filed in: Top News Tags: 

You might like:

Americans owe millennials an apology — baby boomers overspend eating out too Americans owe millennials an apology — baby boomers overspend eating out too
BookWatch: Here are the 8 best books about money published in the past year BookWatch: Here are the 8 best books about money published in the past year
Key Words: The financial advice Billy Graham liked to give Key Words: The financial advice Billy Graham liked to give
Outside the Box: The 3 most surprising things I learned when I got serious about early retirement Outside the Box: The 3 most surprising things I learned when I got serious about early retirement
Market Snapshot: Why a spike in the 10-year Treasury yield to 3% won’t be a death knell for stocks Market Snapshot: Why a spike in the 10-year Treasury yield to 3% won’t be a death knell for stocks
States that voted for Trump are more likely to have growing credit-card debt States that voted for Trump are more likely to have growing credit-card debt
CEO turnover is the highest it’s been in 8 years CEO turnover is the highest it’s been in 8 years
The depressing reason most Americans are making more money The depressing reason most Americans are making more money

Leave a Reply

Submit Comment
© 7896 Stock Investors News. All rights reserved. XHTML / CSS Valid.