Saudi urges oil producers to extend cooperation beyond 2018

Muscat

SAUDI Arabia's energy minister urged global oil producing nations on Sunday to extend their cooperation beyond 2018, but said that this might mean a new form of deal rather than continuing the same supply cuts that have boosted prices in recent months.

It was the first time that Saudi Arabia had publicly raised the possibility of a new form of coordination among oil producers after 2018. Their agreement on supply cuts, originally launched last January, is due to expire in December this year.