Saudi's Falih: OPEC+ deal should be extended
Saudi Energy Minister Khalid al-Falih said that the OPEC+ deal maybe extended to curb output until the end of 2019.
Falih said that OPEC and its allies increased production significantly last year ahead of a potential decline in supply that did not materialize, and oil inventories ballooned as a result.
"Therefore we corrected course in a gradual and measured way to bring inventories to a reasonable level," he noted.
"All the outlooks that I have seen tell us that we will need to continue to moderate production in the second half of this year, but you never know," the minister added.
"I think the market will be assured that we are committed to balance the market as we have always said," Reuters cited the minister as saying.
In addition, al-Falih said the Saudi Arabia plans further curbs to output in March.
Earlier, it was reported that the Kingdom plans to produce around 9.8 million barrels per day of oil in March, over 500,000 bpd below its pledged production level under a global supply-cutting deal.