DECEMBER 4, 2018 – Saudi oil minister said on Tuesday it was too soon to say if OPEC and its allies would cut production as the terms of a deal remain unresolved, Bloomberg reported.
Khalid Al-Falih’s comments come as OPEC and its allies are working towards a deal this week to reduce oil output by at least 1.3 million barrels per day, four sources told Reuters, adding that Russia’s resistance to a major cut was so far the main stumbling block.
Al-Falih told Bloomberg that he saw an oversupplied market, but cautioned that all the members of the OPEC and allies group, needed to come together for a cut to go ahead.
