April 17, 2017 / 5:45 PM / 3 months ago

Saudi's Falih says too soon to discuss extending oil output pact: Arabiya TV

1 Min Read

Saudi energy minister Khalid al-Falih gestures during the 2017 budget news conference in Riyadh, Saudi Arabia December 22, 2016.Faisal Al Nasser

RIYADH (Reuters) - The level of compliance among OPEC and non-OPEC oil producers with a global deal to cut output is very good, above 100 percent, but it is premature to talk about extending the deal, Saudi Energy Minister Khalid al-Falih said on Monday.

Speaking to Al-Arabiya television on the sidelines of a renewable energy investment conference, Falih said he saw a consensus within OPEC on stabilizing the oil market, and that producers would do whatever was necessary to achieve that goal, whether it took six months or more.

But he insisted it was too early to discuss whether extending the six-month production deal beyond June would be necessary.

Producers will look at the expected condition of the market over the next two years, and will be cautious when making their decision on any extension, Falih told Arabiya.

Reporting by Rania El Gamal, Reem Shamseddine and Katie Paul; Writing by Andrew Torchia

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