{"id":1786,"date":"2017-11-17T20:12:36","date_gmt":"2017-11-17T21:12:36","guid":{"rendered":"http:\/\/madaresharghi.com\/s-arabias-falih-50-of-excess-oil-remain\/"},"modified":"2017-11-17T20:12:36","modified_gmt":"2017-11-17T21:12:36","slug":"s-arabias-falih-50-of-excess-oil-remain","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/s-arabias-falih-50-of-excess-oil-remain\/","title":{"rendered":"S. Arabia\u2019s Falih: 50% of Excess Oil Remain"},"content":{"rendered":"

madaresharghi<\/a>
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\tThe world will still have a surplus of oil by the end of March 2018, Saudi Arabia\u2019s energy minister said on Thursday, signaling a willingness to extend output cuts when OPEC meets at the end of November on whether to extend caps well into 2018.
\tKhalid al-Falih also said he did not want oil prices to rise too fast and too soon to shock consumers, adding that the exit from production cuts would be gradual to make sure market reaction is smooth, Reuters reported.
\t\u201cWe need to recognize that by the end of March we\u2019re not going to be at the level we want to be which is the five-year average, that means an extension of some sort,\u201d he said, referring to inventory levels in the developed world.
\t\u201cWe have gone over 50% in reducing excess inventories but that means we still have some excessive inventories that we need to drain,\u201d he told journalists on the sidelines of the UN climate conference in Bonn, Germany.
\t\u201cWe don\u2019t want any spikes in price that shock the market. We don\u2019t want any price movements that are unhealthy for demand. We don\u2019t think we\u2019ve seen any of that yet but that\u2019s a potential, especially if God forbid we have disruptions in any major country. We\u2019re hopeful none of this will happen.\u201d
\tAsked about the most recent spike in oil prices to a two-year high this month, he said, \u201cI am not distracted by short-term gyrations in prices and I certainly don\u2019t spend time looking at hedge funds and the flows into financial investment instruments.\u201d
\tFalih said it was too early to make an assessment on a possible extension to OPEC\u2019s global oil output cuts now, but said Saudi Arabia favors making an extension decision at the next OPEC meeting at the end of the month.
\t\u201cThe November 30 meeting will be an important milestone to announce the way forward. My preference is to give clarity to the market and announce on November 30 what we\u2019re going to do.\u201d
\tAsked whether Russia was committed, Falih said, \u201cI have had extensive consultations with my Russian colleagues and I will have some more in the next two weeks, but I know one thing is that the Russians are committed to working with Saudi Arabia and with the rest of the 24 countries that have come together last year.\u201d
\tAsked what OPEC\u2019s exit strategy from the supply control deal was, Falih said it would be one of gradual adjustment.
\t\u201cWe\u2019ve done our reduction in a gradual way at the beginning of this year and it has worked beautifully so far.\u201d<\/p>\n

\t\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

madaresharghi The world will still have a surplus of oil by the end of March 2018, Saudi Arabia\u2019s energy minister said on Thursday, signaling a willingness to extend output cuts when OPEC meets at the end of November on whether to extend caps well into 2018. Khalid al-Falih also said he did not want oil […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[296,118,28,31,159,639,178,56,213,84,95,82,68,22,23,27],"yoast_head":"\nS. Arabia\u2019s Falih: 50% of Excess Oil Remain - madaresharghi | An Analytical Look at Middle Eastern Developments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madaresharghi.ir\/en\/s-arabias-falih-50-of-excess-oil-remain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S. Arabia\u2019s Falih: 50% of Excess Oil Remain - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi The world will still have a surplus of oil by the end of March 2018, Saudi Arabia\u2019s energy minister said on Thursday, signaling a willingness to extend output cuts when OPEC meets at the end of November on whether to extend caps well into 2018. Khalid al-Falih also said he did not want oil […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/madaresharghi.ir\/en\/s-arabias-falih-50-of-excess-oil-remain\/\" \/>\n<meta property=\"og:site_name\" content=\"madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"article:published_time\" content=\"2017-11-17T21:12:36+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"2 minutes\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#website\",\"url\":\"https:\/\/madaresharghi.ir\/en\/\",\"name\":\"madaresharghi | An Analytical Look at Middle Eastern Developments\",\"description\":\"madaresharghi | An Analytical Look at Middle Eastern Developments\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/madaresharghi.ir\/en\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/s-arabias-falih-50-of-excess-oil-remain\/#webpage\",\"url\":\"https:\/\/madaresharghi.ir\/en\/s-arabias-falih-50-of-excess-oil-remain\/\",\"name\":\"S. Arabia\\u2019s Falih: 50% of Excess Oil Remain - madaresharghi | An Analytical Look at Middle Eastern Developments\",\"isPartOf\":{\"@id\":\"https:\/\/madaresharghi.ir\/en\/#website\"},\"datePublished\":\"2017-11-17T21:12:36+00:00\",\"dateModified\":\"2017-11-17T21:12:36+00:00\",\"author\":{\"@id\":\"https:\/\/madaresharghi.ir\/en\/#\/schema\/person\/c52e345120843d5f259215c4e809cdd2\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/madaresharghi.ir\/en\/s-arabias-falih-50-of-excess-oil-remain\/\"]}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#\/schema\/person\/c52e345120843d5f259215c4e809cdd2\",\"name\":\"administrator\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/901309319175b0d219e688b01909d220?s=96&d=mm&r=g\",\"caption\":\"administrator\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts\/1786"}],"collection":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/comments?post=1786"}],"version-history":[{"count":0,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts\/1786\/revisions"}],"wp:attachment":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/media?parent=1786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/categories?post=1786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/tags?post=1786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}