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Published on 12/09/2019 5:27:39 PM | Source: Reuters

Saudi willing to keep oil output below 10 million barrels per day: energy minister

Posted in Commodity Top News| #Crude Oil #Oil and Gas Sector #Commodity #Saudi Arabia

ABU DHABI  - Saudi Arabia is willing to keep its oil output below 10 million barrels per day (bpd) until the end of the year and keep exports at around 7 million bpd, the energy minister said on Thursday.

The kingdom has curbed its crude output by more than required under an OPEC-led supply pact aimed at supporting oil prices.

The energy minister, Prince Abdulaziz bin Salman, said talks with Kuwait about resuming oil production in jointly operated fields in the Saudi-Kuwaiti Neutral Zone are "positive" and that there was political will to resolve relevant issues.

He said matters should be clear within two months and that the Saudi share of output would stay within its OPEC target.

The two countries halted production from the fields more than four years ago, cutting output by some 500,000 bpd or 0.5% of global oil supply.

 

(Reporting by Reuters OPEC Team, writing by Nafisa Eltahir and Ghaida Ghantous; editing by Jason Neely)