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Saudi Arabia Crown Prince supports extension of oil output cut deal — statement

October 28, 22:48 UTC+3 MOSCOW

Saudi Arabia planned to reach consensus on the issue with Russia prior to the meeting of OPEC and its partners on November 2

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MOSCOW, October 28. /TASS/. The Crown Prince of Saudi Arabia, Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud supported the extension of the OPEC+ oil deal to cut oil production in 2018, according to a statement obtained by TASS on Saturday.

"The Kingdom affirms its readiness to extend the production cut agreement, which proved its feasibility by rebalancing supply and demand," the Crown Prince was quoted as saying in the statement. "The high demand for oil has absorbed the increase in shale oil production."

According to earlier reports, Saudi Arabia planned to reach consensus on the issue with Russia prior to the meeting of OPEC and its partners on November 2.

The agreement on the reduction of oil production, which was concluded by OPEC and 11 independent producing countries, including Russia, was signed in late 2016. The goal of the agreement is to reduce the global surplus of oil reserves and stabilize oil prices.

The deal was initially concluded for the first half of 2017, but was expanded in May until the end of March 2018. Further extension of the deal is now on the agenda. The decision will be made during a meeting in Vienna in November.

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