Saudi Oil Minister: Further Cuts? “If Needed, Absolutely.” lweb.es/f2586 01.22.2017
Some 1.5 million of an agreed upon 1.8 million barrels per day of oil has been taken out of the market in January, Saudi Energy Minister Khalid al-Falih said. He noted, however, that at the same time shale oil is estimated to grow this year at 200,000 to 300,000 barrels per day – not at the 500,000 bpd estimated by the International Energy Agency. Al-Falih indicated that OPEC countries could cut oil production again this year if higher prices were not maintained due to reasons beyond the control of producers, including falling demand.