Saudi Arabia calls for oil producers to extend cooperation

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Top oil exporter Saudi Arabia called Sunday for extending cooperation between OPEC and non-OPEC producers beyond 2018, after a deal to cut output succeeded in shoring up prices.

The call, the first explicit invitation by Riyadh for long-term cooperation between oil producers, came with oil prices topping $70 a barrel thanks to the deal, after they dove below $30 a barrel in early 2016.

“We should not limit our efforts to 2018. We need to be talking about a longer framework for our cooperation,” Saudi Energy Minister Khaled al-Faleh told reporters before a meeting between ministers of OPEC and non-OPEC countries in the Omani capital Muscat.

The meeting will be discussing levels of compliance to the cuts.

Oil producers from inside and outside the Organisation of Petroleum Exporting Countries signed a landmark agreement in November 2016 to cut output by 1.8 million barrels per…



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