They announce a partial Pact to extend oil cut-out

Khalid al - Falih was commissioned to inform sore the preliminary agreement. | Photo: Reuters

The Saudi Arabian Minister of energy, Khalid al – Falih there is a preliminary consensus among some of the oil-producing countries to extend the agreement’s reduction of oil production, it was reported Thursday.
“We have a preliminary agreement to extend the validity of the agreement on cutting oil production,” said al – Falih, who said that the Pact “(is not) with countries”.
During a sector forum that welcomes on Thursday the capital of United Arab Emirates, the saudi Minister said that the stability of the market is highlights of the agreement over time that lasts.
> The oil price falls to boost U.S. production “be extended six, nine or twelve months, that does not matter (…)” The goal is stability,”he stressed.
This agreement, which came into force last January, he was hit in the first instance by the Organization of the petroleum exporting countries (OPEC) at a ministerial meeting held on 30 November in Vienna, Austria, in which it was agreed to reduce pumping 1.2 million barrels a day to set up a joint production of 32.5 million barrels stop.

While December 10, several non-OPEC countries, including Azerbaijan, Kazakhstan, Mexico and Russia, joined this initiative to commit themselves to take market 558,000 barrels a day.