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Saudi minister calls for prolonged oil collaboration

According to Saudi Arabia's energy minister, the cooperation between the world's largest oil-producing countries should continue beyond 2018. However, the extended collaboration does not necessarily have to stick to the countries' current production cap.

Photo: ritzau scanpix/Nabil al-Jurani

Over the past six months, the oil price has increased significantly. The reason for the development is said to be the agreement from 2016 between OPEC countries and other oil producing states on limimting their respective oil production. In November last year, the parties agreed to extend the cooperation deal to the end of 2018.

But if you ask the country initiating the original agreement, Saudi Arabia, the cooperation will not end here. Sunday, the Saudi energy minister Khalid al-Falih advocated for a more permanent collaboration deal, according to Reuters.

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