RIYADH: Saudi Arabia’s cabinet reaffirmed on Monday the kingdom’s policy of cooperation with major oil producers to rebalance markets and limit volatility. OPEC and non-member countries led by Russia decided last week to extend cuts in oil output by nine months to March 2018 as they try to reduce a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.
“The council (of ministers) reaffirmed the kingdom’s oil policy that supports cooperation with major oil producers to return the balance to international markets and limit volatility, and protect producers and customers’ interests,” the cabinet said in a statement carried by state news agency SPA.
