Al-Falih: We support production cuts despite Trump's pressure

Saudi Energy Minister Khalid Al-Falih predicted that OPEC would continue to cut production in the second half of this year, despite pressure from Trump to reduce crude oil prices.

"We are taking things simply, with a long and thoughtful approach," which would prevent the global economy from slowing its growth, he said in response to President Trump's request to OPEC to reduce its efforts to raise oil prices.

As stocks and oil production continue to grow in the United States, Al-Falih said: "I am inclined to prolong production cuts in the second half of the year," pushing up oil prices to 0.7%, at $ 65.82 per barrel.

"There are no more troubles than expected in Iran, Venezuela and Libya," said the Saudi minister, "the easiest way to move forward is to reintroduce reductions ".

Al-Falih predicted that the Kingdom's oil output would remain at 9.8 million barrels in March, with exports at 7 million barrels a day.

With regard to a bill under consideration by the US Congress allowing Washington to sue the OPEC countries, Al-Falih, Saudi Arabia, the country's largest producer, said that "such proposals have been submitted more than 20 times".

"The law has not been adopted for good reason, because the measures taken by OPEC to stabilize the oil market are helping American producers and consumers," he said.

US President Donald Trump attacked OPEC earlier this week and urged him to work toward price reduction, saying, "Oil prices are too high." OPEC members, please relax and take things simply. The world can not afford a price boom, the situation is fragile. "

Source: "The Wall Street Journal"