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Participants of Vienna deal may consider deeper quotas on oil production cut in November

"We have made it a point that we will bring the inventories to the five-year average," Saudi Arabia’s energy minister said

ST. PETERSBURG, June 2. /TASS/. OPEC and non-OPEC nations may consider the issue of deepening the quotas on oil production cut at the next meeting in Vienna on November 30, Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid A. Al-Falih said in an interview with TASS on the sidelines of the St. Petersburg International Economic Forum.

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OPEC extends agreement on oil production cut

"If for whatever reason we need to do more we will consider doing more. I’ve said that before that we will do whatever is necessary, including extensions, including deeper cuts. We have made it a point that we will bring the inventories to the five-year average. Let’s monitor how close we are, what the trajectory is, and based on that we will decide," he said.

"Nothing is off the table," the minister said when asked about the potential deepening of reduction in November.

"And today there is nothing on the table. We just made a deal, all countries hopefully will meet their commitments, and they’re doing that," he added.

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