Saudi energy minister: We will continue to contribute to oil cuts if everyone complies

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Saudi energy minister: We will continue to contribute to oil cuts if everyone complies

Saudi energy minister: We will continue to contribute to oil cuts if everyone complies

Saudi Arabia's Minister of Energy Prince Abdul Aziz bin Salman and Russia's Energy Minister Alexander Novak are seen at the beginning of an OPEC and NON-OPEC meeting in Vienna, Austria December 6, 2019. (Reuters)

06 Dec 2019 06:12:43 GMT9

Saudi Arabia's full oil production capacity is back to 12 million bpd, its energy minister said
He added he is convinced that Aramco will be worth more than $2 trillion in a few months

Arab News, Riyadh

Saudi Arabia will continue to contribute to oil cuts if everyone complies, the Kingdom's Energy Minister Prince Abdul Aziz bin Salman said Friday.

Prince Abdul Aziz's comments came after countries of the OPEC oil-producing cartel and ally Russia agreed on Friday to a production cut of 500,000 barrels per day in addition to their current agreement.

Ministers gathered at OPEC headquarters in Vienna "decided for an additional adjustment of 500 (thousand barrels per day)", effective as of 1 January 2020, according to a statement issued after the meeting.

Prince Abdul Aziz added that the Kingdom will cut oil production by 167,000 bpd, and that it will continue with a voluntary cut of 400,000 bpd.

The energy minister also said that Saudi Arabia's full oil production capacity is back to 12 million barrels a day, and that he is convinced that Aramco will be worth more than $2 trillion in a few months.

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