Minister of Energy and Mineral Resources Eng. Khaled Al-Faleh received a lot of media coverage from journalists attending the OPEC meeting to cut production in Vienna.
Al-Faleh confirmed in his remarks on Thursday on the sidelines of preparations for the meeting of the Organization, that OPEC and the producers have not reached an agreement on reducing production so far, and that he hopes to agree on something by the end of tomorrow.
"If everyone is not ready to cut output now, we will wait for them," he said. "The options include a reduction from 500,000 to 1.5 million bpd." A cut in production per million barrels per day would be enough for the OPEC group.
The energy minister stressed that this reduction, which may be decided during the meeting, "must be distributed equally among Member States" according to the percentage of production.
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