Saudi Arabia’s Energy Minister: Oil Cut Extension will Boost Global Prices

Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih

Saudi Arabia’s energy minister Khalid al-Falih expressed confidence that a global cut in oil production would continue.

Speaking on the sidelines of a meetings between President Donald Trump and Custodian of the Two Holy Mosques King Salman bin Abdulaziz, Minister Al-Falih, noted that “We have full commitment from the Russian side, including President (Vladimir) Putin himself.” Saudi Arabia, the world’s biggest oil exporter, and Gulf members of OPEC are also fully behind an extension, while there is “strong” commitment from Iraq and others, Falih said. With potential for “two or three more producers” to join, Falih was optimistic global supply and demand would balance by the first quarter of next year. “We will do whatever is necessary,” Al-Falih said, expressing an openness to “creative” solutions.

Oil Production forms Basis of Aramco Deals with American Companies

As part of an estimated $200 billion in trade and investment deals between Saudi Arabia and the United States, corporations from the two nations have concluded a variety of deals in the energy sector. Saudi Aramco inked more than a separate deals worth $50 billion in investment with its American counterparts.

Among the energy deals signed, Saudi Aramco-owned Motiva Enterprises LLC, announced a landmark investment in the United States totalling $12 billion with a likely additional investment of $18 billion by 2023. Additional deals announced at the Saudi-US CEO Forum included memorandums of underdtaning with Jacobs, Weatherford, McDermott, Rowan Companies, Nabors, and. Honeywell.

Read more at Agence France Presse.