OPEC close to agreement on extending oil deal, says Saudi Arabia’s energy minister

OPEC

Saudi Arabia’s energy minister Khalid al-Falih announced Friday that OPEC is close to agreeing to extend an oil supply-cutting agreement beyond June.

Khalid al-Falih’s announcement comes though the question is how to accommodate participating non-OPEC countries.

“On the OPEC side, a rollover is almost in the bag. The question is to calibrate with non-OPEC,” Saudi Energy Minister Khalid al-Falih said at an economic forum in St Petersburg, Russia.

“I’m hoping it will be an easy decision and that we’ll roll over, but if it’s not, we will be flexible in terms of our position in the kingdom.”

The Organization of the Petroleum Exporting Countries, Russia and other non-members agreed in December to reduce supply by 1.2 million barrels per day from Jan. 1 until the end of this month. They meet in coming weeks to decide their next move.