Saudi stresses need to cut oil output

 02 Jan 2017 - 20:42

Saudi stresses need to cut oil output

Reuters

Saudi Arabia stressed yesterday the importance of co-operation among oil producers to abide by a decision in November to cut production.
Opec agreed in November its first oil output cuts since 2008 after Saudi Arabia accepted "a big hit" on its production.
"The council (of ministers)...asserted the importance of stability and coordination and increased cooperation between member states and commitment to implement the agreement to cut production .." the cabinet said in a statement carried by state news agency SPA, according to a Reuters report.