Saudi Arabia 'revisiting' policy on oil output cut: Indian minister

Saudi Arabia and other OPEC producers are “revisiting” their policy on oil output cut, Reuters reported, citing India’s oil minister.

“For the first time, the Saudi oil minister called us and said ‘we are revisiting our policy on oil output cuts’,” Dharmendra Pradhan said.

The news comes after the US government unofficially asked Saudi Arabia and some other OPEC producers to raise oil output on Tuesday.

In mid-May,  Saudi energy minister Khalid Al-Falih told his Indian counterpart that supporting global economic growth was one of the Kingdom’s key goals after India expressed frustration over rising oil prices.

OPEC and non-member producers led by Russia have agreed to curb output by about 1.8 million barrels per day until the end of 2018.

OPEC and other participants will meet in Vienna on June 22-23 to decide on the future of the policy.