Opec meeting: oil price falls as Saudi Arabia rules out deeper output cuts

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Major oil producers agree to extend existing production curbs for nine months but Saudi minister’s comments sway markets

The oil price has dropped after deeper production cuts were ruled unnecessary by Saudi Arabia, which said major oil producers had agreed to extend output curbs for a further nine months.

“It seems highly likely, although we can never be certain until the decision is made, that we’re going to roll over with the same terms over a nine-month period,” said Khalid al-Falih, the Saudi energy minister, at a meeting of Opec and 11 non-member countries on Thursday.

Related: UK growth unexpectedly revised down to just 0.2% as inflation bites – business live

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Source: russia
Link : Opec meeting: oil price falls as Saudi Arabia rules out deeper output cuts

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