Qatar Today - - BUSINESS OIL & GAS -

Oil has held above $50/ bbl since the Or­ga­ni­za­tion of Petroleum Ex­port­ing Coun­tries and 11 other coun­tries agreed late last year to cur­tail sup­ply by about 1.8 MMbpd. While Saudi Ara­bia says more than 80% (1.5 MMbpd) of the tar­geted cut has been im­ple­mented since the deal took ef­fect Jan. 1, Gold­man Sachs Group Inc. warned that prices above $60 will boost out­put, in­clud­ing from US shale drillers.

Saudi Ara­bia has re­duced oil pro­duc­tion to less than 10 mil­lion bar­rels a day, be­low its tar­geted level, and will con­sider re­new­ing its pledge to cut crude out­put in six months, En­ergy Min­is­ter Khalid Al Falih said.

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