16:45 GMT +319 August 2019
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    Khaled al Otaiby, an official of the Saudi oil company Aramco watches progress at a rig at the al-Howta oil field.

    Saudi Arabia Optimistic About OPEC Oil Deal - Minister

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    Saudi Arabia is optimistic about a much-anticipated agreement to limit oil production and stabilize the market, Saudi Energy Minister Khalid Falih said Wednesday.

    VIENNA (Sputnik) — Falih spoke with reporters ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna expected to finalize a preliminary deal to limit output.

    OPEC members are bridging divides on oil production limits, Saudi Energy Minister Khalid Falih added.

    Falih voiced hope that the OPEC meeting underway in Vienna would finalize the terms on the fair allocation of oil production cuts for each country.

    Saudi Arabia Agrees to Exempt Libya, Nigeria From OPEC Oil Deal

    Saudi Arabia agrees to exempt Libya and Nigeria from an anticipated Organization of the OPEC agreement to limit production, Saudi Energy Minsiter Khalid Falih also said.

    Falih stated that a preliminary agreement reached in Algeria in September, setting the 32.5 million barrels per day limit, excludes changes in production volumes in Libya and Nigeria.

    He added that Riyadh understands that it needs to cut domestic production.

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    Tags:
    output freeze, production freeze, oil production, OPEC, Nigeria, Libya, Saudi Arabia
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