September 11, 2017 / 12:42 PM / 2 months ago

Saudi, UAE agree extension of oil cuts may be considered -statement

DUBAI (Reuters) - Saudi Arabia’s Energy Minister Khalid al-Falih agreed with his UAE counterpart that an extension of a pact on global oil supply cuts beyond March 2018 may be considered depending on market fundamentals, the Saudi ministry said in a statement on Monday.

A view shows Saudi Aramco's Abqaiq oil facility in eastern Saudi Arabia in this undated handout photo. Saudi Aramco/Handout via REUTERS

Falih and the Minister of Energy of the United Arab Emirates, Suhail al-Mazroui, held a meeting in Astana, at which both men discussed oil market dynamics and “expressed satisfaction with improving market fundamentals”, the statement said.

During the meeting al-Mazroui said that Abu Dhabi National Oil Co (ADNOC) has cut crude allocations by 10 percent in September and October, according to the statement.

“The company will be notifying its customers and the market, on a monthly basis, of the actual changes to its lifting schedule in an effort to demonstrate transparency and enhance credibility around UAE’s conformity with its targeted production.”

Reporting by Rania El Gamal; Editing by David Goodman

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