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Page added on January 2, 2017

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Saudi cabinet stresses need to implement oil output cut

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Saudi Arabia stressed on Monday the importance of co-operation among oil producers to abide by a decision in November to cut production.

OPEC agreed in November its first oil output cuts since 2008 after Saudi Arabia accepted “a big hit” on its production and dropped its demand that arch-rival Iran slash output.

“The council (of ministers)…asserted the importance of stability and coordination and increased cooperation between member states and commitment to implement the agreement to cut production reached last November,” the cabinet said in a statement carried by state news agency SPA.

Reuters     



3 Comments on "Saudi cabinet stresses need to implement oil output cut"

  1. Kenz300 on Mon, 2nd Jan 2017 10:41 am 

    The Saudi’s have all their eggs in one basket – OIL.

    They need to diversify their economy and their internal use of energy. It is time to end the wasteful subsidies for oil consumption in the country.

    Seems like solar power would work really well in the DESERT for domestic consumption. As global temperatures continue to rise they will need a lot of electricity generation to keep those air conditioners running.

    World Energy Hits a Turning Point: Solar That’s Cheaper Than Wind – Bloomberg

    https://www.bloomberg.com/news/articles/2016-12-15/world-energy-hits-a-turning-point-solar-that-s-cheaper-than-wind

    Solar cheaper than natural gas and coal.

    Climate Change will be the defining issue of our lives.

  2. Mark Ziegler on Tue, 3rd Jan 2017 10:42 am 

    How much does it cost to get that price? $20,000.00-$30,000.00?

  3. Kenz300 on Tue, 3rd Jan 2017 11:29 am 

    Seems like EVERY country should be looking to create energy security for their people and businesses.

    Wind and solar can be produced domestically reducing the need for importing energy from unstable suppliers.

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