Deal to gradually boost Opec output ‘inevitable’, says Saudi Arabia

oilSaudi Arabia’s oil minister said it’s “inevitable” that Opec and its allies will agree to boost oil output gradually, giving the most definitive signal yet that the cartel will alleviate high prices for consumers.“I think we’ll come to an agreement that satisfies most importantly the market,” Khalid Al-Falih told reporters in Moscow on Thursday, when asked about the outcome of the meeting between the Organization of Petroleum Exporting Countries (OPEC) and its allies, to be held in Vienna next week. “I think it will be a reasonable and moderate agreement” but nothing “outlandish”, he said.Russia and Saudi Arabia, leaders of the deal that curbed crude output and boosted prices to three-year highs, were scheduled to discuss their next move, in Moscow, on Thursday.
Source: Business Standard