Saudi Arabia’s Energy Minister Khalid al-Falih agreed with his UAE counterpart that an extension of a pact on global oil supply cuts beyond March 2018 may be considered depending on market fundamentals, the Saudi ministry said in a statement on Sept. 11.
Falih and the Minister of Energy of the United Arab Emirates, Suhail al-Mazroui, held a meeting in Astana, at which both men discussed oil market dynamics and “expressed satisfaction with improving market fundamentals,” the statement said.
During the meeting al-Mazroui said that Abu Dhabi National Oil Co. (ADNOC) has cut crude allocations by 10% in September and October, according to the statement.
“The company will be notifying its customers and the market, on a monthly basis, of the actual changes to its lifting schedule in an effort to demonstrate transparency and enhance credibility around UAE’s conformity with its targeted production.”
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