Top oil exporter Saudi Arabia called Sunday (January 21st) for extending co-operation between OPEC and non-OPEC producers beyond 2018, after a deal to cut output succeeded in shoring up prices, AFP reported
The call, the first explicit invitation by Riyadh for long-term co-operation between oil producers, came with oil prices topping $70 a barrel thanks to the deal, after they dove below $30 a barrel in early 2016.
"We should not limit our efforts to 2018. We need to be talking about a longer framework for our co-operation," said Saudi Energy Minister Khaled al-Faleh, speaking before a meeting between ministers of OPEC and non-OPEC countries in the Omani capital Muscat.
At the end of the meeting, attended by several OPEC and non-OPEC countries including the world's top producer Russia, Faleh said conformity levels were excellent.
He said that compliance level was 129% in December and was 107% for the whole of 2017.
The production cuts deal has removed two-thirds of the 330 million barrels of extra stocks that were on the market before the agreement, Faleh said.
