Saudi Arabia expects oil curbs to continue until year-end

OPEC members are expected to continue coordinating with Russia and other non-OPEC oil-producers on crude supply cuts until the end of this year, Khalid Al-Falih, Saudi Arabian Energy Minister, told Al-Eqtisadiah newspaper on Wednesday.

“We’re watching market developments. In case there is a need to change plans, oil producing countries will track market data to decide,” Al-Falih said.

Neither the Kingdom nor the International Energy Agency can control the current crude prices, which are subject to market supply and demand.

Meanwhile, sharp fluctuations would not be in favor of producers or consumers, he added.