Additional production curbs aren’t necessary, Al-Falih said Saturday in Astana, Kazakhstan, according to the news service. The oil market will stabilize in the next few months, he said.
Although members of the Organization of Petroleum Exporting Countries and its partners agreed May 25 to extend their oil-cuts agreement for nine months, crude prices have since slid as rising supplies show the difficulty in clearing the global glut. Prices have continued to slip even amid turmoil in the Middle East, the world’s largest producing region.
The recent price decline doesn’t warrant a reaction, Russian Energy Minister Alexander Novak said Saturday, according to Interfax. There’s no need for an extraordinary OPEC/non-OPEC meeting, he insisted after meeting with Al-Falih and his Kazakh counterpart Kanat Bozumbayev in Astana, according to the news service.