Middle East & North Africa Economics

Middle East Chart Book

21 April, 2017

Saudi Arabia hints at OPEC deal extension

Recent comments from Saudi Arabia’s Oil Minister, Khalid al-Falih, suggest that OPEC is edging towards an agreement to extend its oil production cuts when it meets in Vienna next month. Having ruled out an extension earlier in the year, Mr. al-Falih has softened his tone amid mounting evidence that the cuts have, so far at least, failed to prompt a faster rebalancing of the oil market – global crude stocks, in particular, have not fallen as far as many had hoped. However, Mr. al-Falih’s suggestio

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