Saudi Arabia says Tuesday it is open for talks to extend oil production cut pact among OPEC countries. (Xinhua Photo)
DUBAI, Nov. 28 (Xinhua) -- The Saudi oil minister said here on Tuesday that his country is open for talks to extend the oil production cut pact of Organization of the Petroleum Exporting Countries (OPEC).
"We have to go through the research and studies together later this week in Vienna and discuss the issue," Khalid Al-Falih, the minister of Energy, Industry and Mineral Resources of Saudi Arabia, said to reporters on the sidelines of the ongoing annual Gulf Petrochemicals and Chemicals Association forum.
"The next two days, we will hear from the committee we created and analyze the situation. we will hear the opinion from everyone to reach a consensus that will be good for a balanced market and for everyone," Al-Falih added.
On Nov. 30, the 14 OPEC members will gather for their 173rd ordinary meeting and their third OPEC and non-OPEC ministerial meeting at the cartel's headquarters in Vienna, Austria.
On the top of the agenda is whether the 14 OPEC members and the Russia-led 11 non-OPEC members will extend their output cut pact in order to further squeeze oversupplied global stockpiles and thus to lift prices. The agreed production volume of oil has been set at 32 million barrels per day.
The price of oil fell from 110 U.S. dollars per barrel in June 2014 to 26 dollars per barrel in January 2016, pulling the fiscal budgets of Saudi Arabia and most Gulf Arab oil exporters into deficits.
Following the OPEC and non-OPEC agreement that came into effect in January, the price of the "black gold" has now restored to 63 dollars per barrel from 48 dollars a year ago.