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Saudi Arabia hopes OPEC and allies will ink new cooperation deal in December

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Saudi Arabia hopes OPEC and other oil producers will sign a deal in December to extend cooperation to monitor and stabilize the oil market, said the kingdom's energy minister on Tuesday.

Khalid al-Falih said at an investment conference in Riyadh that the oil market was in a "good place," adding that the kingdom will limit oil supply next year if there is a need.

Speaking alongside Falih, Patrick Pouyanne, the CEO of French oil and gas producer Total said the company would announce a retail network in Saudi Arabia with Saudi oil giant Aramco,

Pouyanne also said Total will invest more in short cycle projects.

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