OPEC’s Largest Member Supports More Production Cuts If Needed

By Julianne Geiger OPEC’s deal to cap oil production may be extended beyond June if crude oil inventories remain high, according to OPEC’s largest member, Saudi Arabia, in an interview with Bloomberg. When asked in an interview if Saudi Arabia, at the end of the six-month mark, would sit down with fellow producers and extend the cuts, Saudi Arabia’s Oil Minister, Khalid al-Falih, replied “If it’s needed, yes.” When pressed for details on what exactly would constitute “needed”, al-Falih rattled off a number of criteria:…

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