Saudi Energy Minister Khalid Al-Falih said March 16 that the United States and Saudi Arabia both need a stable oil price and that Riyadh will do what is necessary to make the global oil sector healthy, Bloomberg reported. He said that non-OPEC producers are fully committed to production cuts and these could be extended if oil inventories are still above average. Thanks in part to the deal struck by most of the world's oil producers, crude oil prices have started to recover modestly in 2017, but have suffered in recent weeks. Higher oil prices would be a welcome relief to the world's producers.
Saudi Arabia: Energy Minister Says Oil Price Stability A Must