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Sun 21 Jan 2018 10:53 AM

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Saudi may extend oil suppliers' cooperation beyond 2018, says energy minister

Khalid al-Falih said oil producers 'need to be talking about a longer framework of cooperation'

Saudi may extend oil suppliers' cooperation beyond 2018, says energy minister
Saudi Arabian energy minister Khalid al-Falih

Global oil suppliers will consider whether to extend their cooperation beyond 2018, but such cooperation would not necessarily mean extending current output levels, Saudi Arabian energy minister Khalid al-Falih said on Sunday.

"We shouldn't limit our efforts to 2018 - we need to be talking about a longer framework of cooperation," Falih told reporters on the sidelines of a meeting of the joint ministerial committee which oversees implementation of the global deal on oil supply cuts.

"I am talking about extending the framework that we started, which is the declaration of cooperation, beyond 2018.

"This doesn't necessarily mean sticking barrel by barrel to the same limits or cuts, or production targets country by country that we signed up to in 2016, but assuring stakeholders, investors, consumers and the global community that this is something that is here to stay. And we are going to work together."

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