Saudi cabinet commends extension oil output cut deal

JEDDAH, May 29 (KUNA) -- The Saudi cabinet, chaired by King Salman bin Abdulaziz Al- Saud, welcomed the Organization of Petroleum Exporting Countries (OPEC) recent resolution to extend current production cut agreement for nine months ending by the end of March 2018.
In a press statement carried by the Saudi Press Agency following its meeting Monday, the cabinet also applauded the outcome of the 2nd Ministerial Meeting between the OPEC countries and ten non-OPEC major producing countries, also endorsing the current extension agreement.
The cabinet also welcomed the accession of the Republic of Equatorial Guinea to OPEC.
It stated the Kingdom's petroleum policy in support of cooperation with the main producing countries to restore balance to the world oil markets and reduce fluctuations in the markets in a way that ensures the interests of producers and consumers alike. (Pick up previous) nh.ibi