November 28, 2018 / 10:15 AM / a year ago

Falih says Saudi Arabia won't cut oil output alone

ABUJA, Nov 28 (Reuters) - Saudi Energy Minister Khalid al-Falih said on Wednesday his country would not cut oil output on its own to stabilise the market, as OPEC peer Nigeria said it was too early to signal whether it would take part in any decision to reduce production.

Falih was in Abuja for a meeting with Nigerian oil minister Emmanuel Ibe Kachikwu. The Saudi minister said signals from fellow OPEC members Iraq, Nigeria and Libya were positive ahead of the Dec. 6 OPEC meeting in Vienna as all ministers were keen to bring back stability to oil markets.

Kachikwu said it was too early to say whether Nigeria would participate in any cuts.

Falih, whose country is the de facto leader of the Organization of the Petroleum Exporting Countries, said earlier in November that abundant supply of oil may require OPEC and its allies to take steps to reduce output in 2019.

Nigeria has been excluded from the previous round of production cuts, which began in 2017, due to steep production declines caused by unrest. The country’s production has recovered since then. (Reporting by Paul Carsten; Editing by Dale Hudson)

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