Saudi Crown Prince Backs Extending OPEC Cuts Into 2018

Saudi Arabian Crown Prince Mohammed bin Salman backed the extension of OPEC production cuts beyond March 2018, making it all but certain the cartel and its allies will rollover the curbs at a meeting next month.

The prince, who’s become the kingdom’s dominant political force, said in an interview with Bloomberg News that “of course” he wanted to extend the cuts into 2018. “We need to continue stabilizing the market,” he said.

Until now, Saudi officials have signaled they favored prolonging the cuts, but stopped short of making a formal commitment, saying all options were still open.

Source link