Riyadh urged OPEC to avoid excessive pressure on oil supplies

The Minister of energy of Saudi Arabia Khalid al-falih urged OPEC not to exert excessive pressure on oil supplies. About it reports Reuters.

Speaking at the world energy Congress in Istanbul, falih said that OPEC, which agreed to reduce oil production, it is necessary to behave in a balanced and responsible way. According to falikha, OPEC must make sure that Saudi Arabia does not want to provoke a shock situation for the market. “We’re going to be very responsible,” — said the Minister.

“Prices fell too low, and this affected investment. Many companies and countries suffer. We don’t want to give the market a wrong signal and shock the market prices,” said falih.

He added that in the near future to meet with Russian energy Minister Alexander Novak in Istanbul to discuss Moscow’s reaction to the Algiers agreement.

At a meeting in Algeria on 28 September, OPEC members agreed to limit oil production for the first time since 2008, to 32.5 million barrels./day, which is 2.2% less than in August of 33.24 million barrels./day.