Tag Archives: Khalid A Al Falih

A number of major Middle East crude producers countries reached an initial agreement last week to extend output cuts beyond their June expiry.

Saudi support is essential for the 13-member Organization of the Petroleum Exporting Countries to renew its agreement .

There are concerns that the glut could persist because shale supply.

Many of the questions revolved around the fact that there is so much inventory remaining.

.The US imported about 3 million barrels a day from OPEC last year

An implementation rate of 75% would be higher than the level OPEC typically achieved in the past.

Oil will trade at $55 to $60 a barrel this year and Kuwait is assuming a $45 price in its budget for fiscal year 2017-18.

Kuwait chairs the five-member committee which also includes Algeria. Venezuela. Russia and Oman.

The two largest economies need to sort out their differences for the wellbeing of the global community.

Saudi Arabia and the UAE. are trying to reduce their reliance on oil and generate more power from the sun.