Saudi Arabia wants to extend the OPEC deal further

masqat (afn/bloomberg) - Saudi Arabia argues for the longer limitation of oil production by members of OPEC oil cartel.

According to the Saudi oil minister Khalid Al-Falih, a brake on production must also take place after 2018. He received support from his colleague from Oman in his plea.

The OPEC and some cooperating countries, including Russia, have previously extended their agreements on a production limitation for oil extraction until the end of this year. According to Saudi Arabia and Oman, a further production restriction is necessary to achieve a 'normal price level' for crude oil.

According to Russia, it must first be seen how the market is developing before the country will decide on new agreements. But a further extension of the agreements is also not excluded by Russia. Iraq and Kazakhstan, two countries that have not yet made the agreements, promised improvement despite 'challenges' that these countries claim to have.

The OPEC countries are meeting in Oman on Sunday to discuss the measures, and in particular on compliance with the agreements. Last year the oil production of the cartel was in average above the agreed quantity. According to Al-Falih, production in 2018 will be lower than the compliance percentage of 107 percent last year.