The Wall Street Journal: Saudi minister urges OPEC, oil allies to extend production limits into 2019

MUSCAT, Oman — Saudi Arabia’s energy minister said Sunday that OPEC and other big-oil producing allies like Russia should find ways to cooperate beyond their petroleum-production limits this year.

“We should not limit our efforts to 2018. We need to be talking about a longer framework for our cooperation,” Saudi Arabia’s top oil official Khalid al-Falih told reporters ahead of a meeting of the Organization of the Petroleum Exporting Countries’ committee here in Oman’s capital. OPEC’s message to the world, he said, should be “this is something that is here to stay.”

Falih — the de facto leader of OPEC — gave the most explicit call for the 14-nation cartel and 10 nonmember allies to keep supporting the oil market into 2019.

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