Saudi Arabia’s new energy minister rallied Opec support for maintaining production on Thursday, as a near-doubling of crude prices since January eased tensions among oil exporters.
Khalid Al Falih said the 13-member group should “encourage the rebalancing” of the market as prices recover from the worst crash in more than a decade.
But he told reporters at the Opec meeting in Vienna that it was “premature” to try and restrict output, as demanded by some of the hardest hit exporters, when production growth was already declining and demand was responding to lower prices.
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