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Saudi’s Falih doesn’t rule out more oil cuts but ‘won’t take unilateral action’

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Saudi Arabia’s Energy Minister Khalid al-Falih does not rule out another oil production cut but stressed that the kingdom will not take any unilateral action. the Saudi-owned Al Sharq Al Awsat newspaper reported on Friday.

The prospect of continued output cuts is on the table, and if any further action is needed, whether to extend or change production levels, it will be studied in a timely manner and agreed upon by all the producers, the paper cited Falih as saying.

ALSO READ: Saudi’s Falih travels to Iraq to win support for OPEC oil output cuts

On Thursday Falih had met his Iarqi counterpart Jabbar Al-Luaybi agreed Thursday to strengthen their commitment to production cuts, as the oil grouping reported a collective increase in output last month in a setback for its deal to pump less.

The pledge from Saudi Arabia and Iraq, the first and second largest OPEC producers, came after their energy ministers met in the Red Sea city of Jeddah.

The pledge from Saudi Arabia and Iraq, the first and second largest OPEC producers, came after their energy ministers met in the Red Sea city of Jeddah.

Falih and Luaybi also vowed to ensure coordination of their nations’ oil policies, according to the Saudi Press Agency, as the Arab neighbors seek to upgrade strategic ties.