Saudi Crown Prince Mohammed bin Salman said the kingdom supports the extension of a deal struck by oil producers to cut crude output beyond March next year, AFP reported Thursday (October 26th).
"We need to continue stabilising the market," he said in an interview with Bloomberg News published Thursday, noting that extending the cuts would bring benefits for both OPEC and non-OPEC producers.
Oil producers already have extended the original six-month deal by an additional nine months until the end of March.
The agreement to trim daily production by 1.8 million barrels has effectively curbed an excess of crude supplies to global markets, helped reduce record-high inventory levels and boosted oil prices to near $60 a barrel.
The crown prince, who oversees the economic affairs of the world's top oil exporter, confirmed that the initial public offering (IPO) for 5% of national oil company Aramco will be carried out next year.
"We are on the right track," he said of the IPO, which represents the cornerstone of the Vision 2030 reform package to reduce the kingdom's dependence on oil income.
