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Saudi Arabia itself will not reduce oil production: the Minister of Energy



Saudi Energy Minister on Wednesday said his country would not limit oil production by itself, while Nigeria said it was too early to say whether it would take part in any decision to reduce its use.

Khalid al-Falih was in Abuja to meet Nigerian oil minister Emmanuel Ibe Kachikwu.

Saudi official said the signals from Iraq, Nigeria and Libya, OPEC kingdom partners, were positive ahead of a meeting that will take place in Vienna on December 6, as everyone wants stability in the oil markets.

Kachikwu said it was too early to say whether Nigeria was involved in any initiative to reduce the drawdown.

Falih, whose country is de facto the leader of OPEC, said at the beginning of November that the amount of oil stocks could lead the group and its allies to take measures to reduce production by 2019.

Nigeria was liberated from the previous round of pump cuts, which began in 2017, due to internal conflicts that reduced oil activities. Production of raw materials in the country has since recovered.


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