Al-Faleh: we are committed to balancing the oil market

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Al-Faleh stressed on the sidelines of a meeting of members of the Organization of Petroleum Exporting Countries [OPEC] at its headquarters in Vienna, Switzerland, that Saudi Arabia is taking supply security seriously of oil, according to the agency "Reuters".

The Houthi terrorist attacks in May targeted two oil pumping stations belonging to Saudi Aramco and other attacks hit oil tankers in the Gulf of Oman and the United States accused Iran of being behind the attacks.

On the oil market movement, Al-Falih said he noticed an acceleration in demand, pointing out that more countries want to extend the oil agreement to 9 months, which will save time to rebalance the market.

On Sunday, the agreement to cut oil production, which began last January, was signed by the members of the OPEC and external producers, led by Russia, among the strong indications of the extension of the ;agreement.

Previously on his official Twitter account, Al-Falih said that Russian President Vladimir Putin had agreed with the Saudi crown prince Mohammed bin Salman to extend the current agreement to cut oil production to the OPEC countries starting from July 2019.

He stressed that Riyadh's commitment is to achieve balance in the market, expressing its respect for every member of the OPEC, and welcomed Russia's role in the oil field.

On Monday, OPEC oil ministers will meet in Vienna to discuss the situation on the black gold market and meet with non-OPEC producers on Tuesday.

OPEC and its Russian-led allies have cut oil production since 2017 to prevent falling prices due to increased US production, which this year has become the largest world producer.

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Al-Faleh stressed on the sidelines of a meeting of members of the Organization of Petroleum Exporting Countries [OPEC] at its headquarters in Vienna, Switzerland, that Saudi Arabia is taking supply security seriously of oil, according to the agency "Reuters".

The Houthi terrorist attacks in May targeted two oil pumping stations belonging to Saudi Aramco and other attacks hit oil tankers in the Gulf of Oman and the United States accused Iran of being behind the attacks.

On the oil market movement, Al-Falih said he noticed an acceleration in demand, pointing out that more countries want to extend the oil agreement to 9 months, which will save time to rebalance the market.

On Sunday, the agreement to cut oil production, which began last January, was signed by the members of the OPEC and external producers, led by Russia, among the strong indications of the extension of the ;agreement.

Previously on his official Twitter account, Al-Falih said that Russian President Vladimir Putin had agreed with the Saudi crown prince Mohammed bin Salman to extend the current agreement to cut oil production to the OPEC countries starting from July 2019.

He stressed that Riyadh's commitment is to achieve balance in the market, expressing its respect for every member of the OPEC, and welcomed Russia's role in the oil field.

On Monday, OPEC oil ministers will meet in Vienna to discuss the situation on the black gold market and meet with non-OPEC producers on Tuesday.

OPEC and its Russian-led allies have cut oil production since 2017 to prevent falling prices due to increased US production, which this year has become the largest world producer.

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