Saudis and Arabs agree the Pact's extension of cuts

If relying on Saudi Arabia and the United Arab Emirates, the cuts in the global supply of oil can be extended beyond March 2018. In a statement carried by Saudi Arabia's Energy Minister, Khalid al-Falih, the representative reported that the Saudis agree with the Arabs to extend the period of reduced production.

At a meeting held in Astana, the Kazakhstan, the leaders of the two countries discussed about the dynamics of the oil market and expressed their satisfaction with the improving fundamentals of the oil and gas sector. Suhail al-Mazroui, Energy Minister of the United Arab Emirates, said at the meeting that the oil company of Abu Dahbi (ADNOC) reduced 10% in their allocations of oil in September and October and you want to continue with the cuts.

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