Saudi cabinet stresses need to implement oil output cut

OPEC agreed in November its first oil output cuts since 2008 after Saudi Arabia accepted "a big hit" on its production
Saudi cabinet stresses need to implement oil output cut
By Reuters
Mon 02 Jan 2017 04:39 PM

Saudi Arabia stressed on Monday the importance of co-operation among oil producers to abide by a decision in November to cut production.

OPEC agreed in November its first oil output cuts since 2008 after Saudi Arabia accepted "a big hit" on its production and dropped its demand that arch-rival Iran slash output.

"The council (of ministers)...asserted the importance of stability and coordination and increased cooperation between member states and commitment to implement the agreement to cut production reached last November," the cabinet said in a statement carried by state news agency SPA.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.