BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
COOKIE NOTICE

Register with us today

and in less than 60 seconds continue your access to: Latest news headlines Analytical topics and features Commodities videos, podcast & blogs Sample market prices & data Special reports Subscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

IF you are a Platts Market Center subscriber, to reset your password go to the�Platts Market Center to reset your password.

In this list
Oil

Saudi crown prince reiterates backing for OPEC oil output cut extension

Crude Oil |

How are Asian crude flows responding to US-China trade war, Iran sanctions?

Crude Oil |

Platts Wellscape GIS

Natural Gas | LNG | Oil | Crude Oil | Refined Products | Petrochemicals |

Platts Workshop at the S&P Global Platts Energy

Oil |

Iran starts to store barrels at sea as sanctions bite

Saudi crown prince reiterates backing for OPEC oil output cut extension

Highlights

Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports

Supply and demand trends, government actions, exploration and technology

Daily futures summary

Weekly API statistics, and much more

Saudi Arabia's powerful crown prince Mohammed bin Salman reaffirmed his backing for an extension to OPEC's crude oil output cut beyond its current March 2018 deadline to rebalance the global market.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

"The kingdom affirms its readiness to extend the production cut agreement, which proved its feasibility by rebalancing supply and demand," the crown prince said in a statement.

OPEC members and 10 non-OPEC producers led by Russia, have committed to cut a combined 1.8 million b/d from the market in a bid to lower record high crude oil inventories. The initial six-month deal was extended in May to March 2018.

Mohammed bin Salman, the son of the reigning monarch King Salman al-Saud is the key driver of the OPEC kingpin's oil policy.

"The high demand for oil has absorbed the increase in shale oil production," he added.

"The journey towards restoring balance to markets, led by the kingdom, is proving successful despite the challenges," he said.

While he has backed an extension, the details of any deal, including its length, allocations or any other new terms, will have to be negotiated before the coalition's next meeting November 30 in Vienna.

An agreement is far from certain. Russian energy minister Alexander Novak, who is due to meet Saudi oil minister Khalid al-Falih in Riyadh this week, has said he does not see a need to announce any extension at the November 30 meeting.

--Adal Mirza, adal.mirza@spglobal.com
--Edited by Irene Tang, irene.tang@spglobal.com